QQQ falls back into bearish territory
QQQ past breakouts above shows it was false by selling off in a massive way with strong volume
Comparing with SPY we see that it has now for the first time broke its flat trading today and break below key support with strength. The confirmation between the indicates the bears are back in control
- Failed to hold above new support downward trend
- Failed to hold above major horizontal support line
- closed with hammer candle on high volume. This last item we dont expect to be a major turned around point back to bull. It should just be rise back up horizontal resistance before selling off again
Comparing with SPY we see that it has now for the first time broke its flat trading today and break below key support with strength. The confirmation between the indicates the bears are back in control
Note
The Hammer candle we witnessed on last period of trading day with increased volume indicated reversal of the downtrend. This reversal hammer was rejected the following morning with a gap down. In order for the hammer to be confirmed we need to see a bullish momentum candle upwards.
The rest of the trading day went into consolidation zone, possibly accumulation. This could poise the stock for a small upward swing. Not expecting a breakout yet.
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