I am guessing a bit more downside before we see a relief rally. The AI bubble is starting to unwind, and that falling knife is sharp. I am patiently waiting for some version of a short-term bottom. You can see in the chart that price is has several key support lines within near reach. I would expect testing and hopefully finding some support in the coming days. If it is like the COVID bubble unwind, then we could see a strong reverse rally out of this range. However, I think it is pretty clear QQQ is in correction with a convincing loss of the 200 day SMA.
Note
Note
Tomorrow could be a good day for a short-term bottom. Touched support today. I want a morning gap down like late July/August, and then a strong relief rally back to test 200 day. That would be great sign. Otherwise, its going to be touch and go if this is a short term bottom.
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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.