QQQ throws signals that bears are still firmly in control and the downward trend should continue
Today marked the first day of strong downward trading breaking through support and holding. We are looking at more selling to come
- QQQ tests major resistance line, fails to breakthrough
- During recovery in late day trading volume steadily decreases showing disagreement in recovery
- After hours shows a significant sell off which has recovered some since.
- RSI falls in step with price showing no signs of reversal coming
- Next major support line is around 463
Today marked the first day of strong downward trading breaking through support and holding. We are looking at more selling to come
Note
The dramatic sell off in after hours turned out to be a sign of price exhaustion where the price suddenly surges in the direction of prevailing trend which can be unsustainable thus triggering a reversal.
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Related publications
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.