Let's Take a Stock Market Road Trip
For complete and detailed commentary and analysis, please see our blog post published 8/1/2014: syncubate.com/blog/2014/8/1/lets-go-on-a-stock-market-road-trip
Today, QQQ closed at $95.02, sharply below both the recent $96 breakout level and the 20 day Moving Average at $95.87 (orange line on the chart).
-DMI also spiked above +DMI, indicating on the daily time frame that the bears are growling and putting up a stronger fight against the bulls.
We noted in our previous analysis that should the 20 day Moving Average fail to hold as a support on any subsequent pullback, the next areas we would be looking at on the chart would be the 50 day Moving Average and the $93 congestion zone from late June.
Today, QQQ closed at $95.02, sharply below both the recent $96 breakout level and the 20 day Moving Average at $95.87 (orange line on the chart).
-DMI also spiked above +DMI, indicating on the daily time frame that the bears are growling and putting up a stronger fight against the bulls.
We noted in our previous analysis that should the 20 day Moving Average fail to hold as a support on any subsequent pullback, the next areas we would be looking at on the chart would be the 50 day Moving Average and the $93 congestion zone from late June.
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