QQQ Bearish outlook
Updated
The market looks overbought near term, especially QQQ. I dont usually post analysis unless it is compelling, and here, you have a head and shoulders pattern meeting another head and shoulders pattern on the potential last shoulder of the first, to bring about the last shoulder of the second. I am holding stocks, I cant predict the future, but I am hedging because this could be big.
Note
Couple days in, looks good. Haven't broken the cap blue, and looking poised for that downtrend.Note
Hit that first resistance about a day or two early, I might expect a bounce tomorrow and then the selloff to continue Friday. Thursday more of a chill day in my eyes, but specific day patterns in advance are all speculation.Note
The set up is PERFECT. The second head and shoulders pattern is emerging. It would be reasonable to hit support and go for a bounce to around 335-338. It may be less serious, but it seems that it has created the setup I predicted last month.
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