Watching this ETF offers an interesting inside. Cutting through the noise of the mega tech euphoria we can see the underlying weakness. The price action suggests a solid breakdown of the wedge. The day session is not over but the current weakness is alarming.
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...
Nasdaq equal weighted index hit all time high. The index is helpful to watch. When it hit all time high it presented a short term opportunity in Nasdaq futures (NQ1!). The index is equal weighted, it means no large caps like AMZN, AAPL, and such could skew the real picture.
Look at how small that volume bar is! You know who are lifting QQQ up. Unless QQQE breaks out impulsively with convincing volume, I do not buy this breakout and I'm holding on to my shorts at the moment.