QQQ in correction - How low will it go?
QQQ lost the 20 day SMA yesterday. History shows that there is a very strong probability that it will go lower. Today say it hold at the support of the AI-based rally over the last year or so. It broke through that the other week, but then we say the strong rally. I noted back then that it felt like a dead cat bounce counter rally to me. Looks like it is proving to be true. It is going to be tricky knowing where this one will stop. I previous posts I noted that red trend line a critical level and that is where we saw the dramatic bounce start from. I am sure where this one will stop. QQQ is usually very bullish and the second of two corrections can often be less than that first. I am looking at that red trend line again, the 200 day SMA, as well as the center of the trading channel.
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Lost support and down she goes.
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