Bears - you better reject this thing next week. Although QQQ hasn't broke downtrend or the 50DMA, the bulls gapped ATH AVWAP and it appears they plan on taking the 50 day next. Don't let that happen.
If the bear count ends up being valid we are going to likely see a very choppy descent down to the lows around the mid 340 range. This drop could be slow and painful and still kill Vol in the process. We may not find bottom until mid Nov if we follow that path, I hate the sound of that. Honestly I hope it is quick and violent if we do go set a new low, but time will tell.
Similar to SPY we still could see a pullback at downtrend resistance, see the bulls break above it, just to see it flush hard back down and then chop to the lows.
If the bear count ends up being valid we are going to likely see a very choppy descent down to the lows around the mid 340 range. This drop could be slow and painful and still kill Vol in the process. We may not find bottom until mid Nov if we follow that path, I hate the sound of that. Honestly I hope it is quick and violent if we do go set a new low, but time will tell.
Similar to SPY we still could see a pullback at downtrend resistance, see the bulls break above it, just to see it flush hard back down and then chop to the lows.