QQQE, Potential False Breakout May Lead to More Selling
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.