The market managed to stop the bleeding yesterday afternoon but there was no conclusive evidence of a turnaround. The QQQ offers a fairly typical chart pattern. The one day chart shows the 1pm low and subsequent 3:30pm test. Yesterday's high (29.68) is the significant resistance point here. But the 10 day chart shows the greater problem. There is heavy resistance between 29.90 and 31.04. The Nasdaq is continuing to outperform.
Today: With no big economic news today expect a morning rally followed by a test of yesterday's low. Expect a new low this afternoon.
Plays to follow........
Today: With no big economic news today expect a morning rally followed by a test of yesterday's low. Expect a new low this afternoon.
Plays to follow........