ratchet-mint

QQQ has recently broken below its upward

Short
BATS:QQQ   Invesco QQQ Trust, Series 1
After going on a nice rally QQQ is starting to show signs weakness in its price action and RSI.

  • QQQ price action for the first time in a while breaks below its upward trend and holds below for two straight trading days
  • RSI 20 has also been forming a bearish divergance pattern with it trending down while price has been climbing over the past month.

Key signs to watchout for:

  • RSI breaking below 50
  • Price action breaking below its flat support line.

It is very possible that QQQ will simply do a pull back through time where trades flat for a month or two months before starting to rally again. Due to its more tech heavier lean, a correction and sell off in price is very likely as well.

Tighten your stop losses to protect downside risk
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