I like the pullback on Qualcomm stock NASDAQ: QCOM as price held the 50-day moving average and lower end of the regression trend channel.
The pullback gives us a solid line in the sand for stops (just below trend around $106).
I also like that it bounced off the 50 day MA and key trend support line.
For those that like long/short or manage that way, I think SPY would be a useful hedge for tracking purposes.
I think that in a short-term rally from here, the SPY would underperform the QQQ.
I’m looking at this as a short-term trade taking profits along the way to the target.
Qualcomm NASDAQ: QCOM Stock Price Charts (daily & weekly)
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