$QQQ Closes Well Below 200 DMA - Possible Support Here?
Looks like the QQQ's may be in an area that "might" act as a support area. TBD. If it does not hold I've drawn in the next area of possible support. These are simply areas of interest. Just because we draw lines on charts does not mean the market will obey. But, these are areas along with moving averages that many traders see which in a way makes them valid areas where some buyers may show up. For now caution is warranted. I'm not predicting anything. I could and do make the case that we are still in the context of a secular bull market and simply in an all to be expected correction and digestion period on the way higher. Again, TBD.
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I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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