QQQ shows a reversal is near
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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