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QQQE, Potential False Breakout May Lead to More Selling

AMEX:QQQE   DIREXION SHARES ETF TRUST NASDAQ-100 EQUAL WEIGHTED INDEX SHARES
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The Nasdaq-100 equal weighted index put a strong bearish bar on Friday suggesting a false breakout pattern. From the price action perspective this could lead to a retest of the middle part of the box as a first target and potentially bottom of the box as a second target.

As a reminder the index tracks Nasdaq 100 companies equal weighted. It means it reflects the sentiment better. There is lesser impact of FANG stocks.

The false breakout happened after making a new high. This is a larger timeframe pattern and if it starts to unfold there will be more significant consequences.

The price need to remain within the box or below Friday's high for the pattern to materialize.

03/23/2019
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