QQQ experienced a number of turning points showing increased weakness in the sell off we have been seeing over the past week.
This change in direction we have seen today with a new interest from the bulls shows that ever selling we experience going forward will likely be tested by the bulls again.
For trend traders I would recommend sitting on the side lines until we see a stronger trend form either to the up or down side. This current down trend is showing weakness.
- False breakout to the upside
- Strong growth in volume confirming the breakout direction
- Hammer candle on close indicating reversal maybe coming after later day retracement
- RSI breaks above SMA line for first time
This change in direction we have seen today with a new interest from the bulls shows that ever selling we experience going forward will likely be tested by the bulls again.
For trend traders I would recommend sitting on the side lines until we see a stronger trend form either to the up or down side. This current down trend is showing weakness.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.