QQQ Technical Short Opportunity
Updated
Technical SHORT opportunity in QQQ:
1. QQQ failed to fill gap from Friday. Very weak upward progression over the last 4 days
2. Thursday’s candle is a “bearish hanging man”
3. The last bearish wave retraced 66% of the prior upward move
4. There have been multiple tests of immediate support level (495-498)
5. QQQ has been weaker than S&P over the past 5 days
Profit target can be placed near the high-volume node at 488
Please note that the long-term trend remains “bullish,” and a short-term downside auction does not indicate an immediate reversal.
1. QQQ failed to fill gap from Friday. Very weak upward progression over the last 4 days
2. Thursday’s candle is a “bearish hanging man”
3. The last bearish wave retraced 66% of the prior upward move
4. There have been multiple tests of immediate support level (495-498)
5. QQQ has been weaker than S&P over the past 5 days
Profit target can be placed near the high-volume node at 488
Please note that the long-term trend remains “bullish,” and a short-term downside auction does not indicate an immediate reversal.
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