StocksbyCLong
Short

QQQ Looks Due For Pullback

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
82 0 0
Recent price action hasn't looked good. Touched all time highs but couldn't even close positive.

-Divergence over the last week between price and OnBalanceVolume.

-3,10,16 MACD signal-cross already happening

-Spinning top formations highlighted by ovals very similar in nature. First top showed markets reluctance to go any lower; this current spinning top may be showing reluctance to go higher for the moment.

-This is still a bull party - don't get too cute with your shorts until the price action warrants it. I'm keeping my stops tight up here, don't want to get caught naked on the wrong side of this market.

Happy Trading

-CLong
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