QQQ making a move South?
We are back... QQQ made an initial push to the South but is this push sustainable? Tonights futures seem to be caring on from todays move down and is at 9pm EST negative. If it can hold through the night, it is a high probability that the price action will make its way down to earlier suggested levels.
What to watch:
The MACD has give us a solid solid cross over but is still above the zero line on the 4 hr chart.
The EMAs however is still the positive side although there is a curving downward posture that will likely need a few days to confirm its direction.
The 233.90 - 234.00 area has over the course of the last several days prove to be very reactionary to the price. This is the zone to watch.
Tomorrow look for a break down of this area and then watch closely to see if we get a successful back test and hold of this level. A hold of this area as resistance would go a long way to confirming further breakdown to the 228-227 level.
Caution: IF a back test does not hold, all bets are off.
What to watch:
The MACD has give us a solid solid cross over but is still above the zero line on the 4 hr chart.
The EMAs however is still the positive side although there is a curving downward posture that will likely need a few days to confirm its direction.
The 233.90 - 234.00 area has over the course of the last several days prove to be very reactionary to the price. This is the zone to watch.
Tomorrow look for a break down of this area and then watch closely to see if we get a successful back test and hold of this level. A hold of this area as resistance would go a long way to confirming further breakdown to the 228-227 level.
Caution: IF a back test does not hold, all bets are off.
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