QQQ rangbound bearish bias SHORTQQQ on the daily chart hit a hpivot high on 3/21 followed by a slight downtrend of 1-1.5 %
overall this past week. Buying volumes are low. The Price Momentum Oscillator has
reversed to bearish and the Raltive Trend Index has entered the chop zone and is heading
bearish. Price is presently one standard deviation above the intermediate-term anchored
VWAP. Reversion to the mean suggests another 1% move downside before VWAP support
exerts itself. Price is compressing in a symmetrical triangle. Accordingly, I am expecting
a move down before a potential reversal in a VWAP bounce from that support.
