The QQQ is facing the same issues as the SPY, only major difference being that the price broke & closed significantly BELOW the BF channel.
Things to note:
- 21 SMA still curled down looking for bearish cross below 50
- Gapped down & closed below BF channel, bearish
- 9SMA looking to slope down. This would be very bearish
- Bear target #1 Gap @ $286.69
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
Keep an eye on that 9SMA on the daily & 4HR. IF they starting turning down, expect significant downside moves over next days/weeks.
Remember though, higher TF stuff plays out over longer periods, so be patient as the charts work it all out.
Things to note:
- 21 SMA still curled down looking for bearish cross below 50
- Gapped down & closed below BF channel, bearish
- 9SMA looking to slope down. This would be very bearish
- Bear target #1 Gap @ $286.69
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
Keep an eye on that 9SMA on the daily & 4HR. IF they starting turning down, expect significant downside moves over next days/weeks.
Remember though, higher TF stuff plays out over longer periods, so be patient as the charts work it all out.