$QQQ - uh oh, Price fell out of triangle. Avoid price battle.
Updated
If you watch price on QQQ or SPY, you will see a strong price battle going on between buyers and sellers. Daily timeframe, the question of course is whether PPI tomorrow causes another gap down or a reversal back up towards upper resistance line.
RSI and stochastic do not provide a reliable directional signal right now; all the more reason for caution in your trades.
RSI and stochastic do not provide a reliable directional signal right now; all the more reason for caution in your trades.
Comment
On this daily chart, the low is right at the bottom of the Ichimoku cloud, which is green right now. There is a possibility that this huge gap down and selloff is the "cooling" I was looking for yesterday afternoon, as stochastic indicated a very strong rally over the past four days. I would not be surprised if QQQ flips back up tomorrow.Disclaimer
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