The QQQ failed to re-claim & close above the 9SMA, and is now re-testing the Sept 6 low to see if it will hold as support.
Things to note:
- 21 SMA crossed below 50 (bearish)
- Broke back down & below BF channel (bearish)
- 9SMA sloping down (bearish)
- Bear target #1 Gap @ $286.69
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
As with the SPY, my LT thesis across all markets remains unchanged unless new data presents itself to contradict the BF scenario.
Things to note:
- 21 SMA crossed below 50 (bearish)
- Broke back down & below BF channel (bearish)
- 9SMA sloping down (bearish)
- Bear target #1 Gap @ $286.69
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
As with the SPY, my LT thesis across all markets remains unchanged unless new data presents itself to contradict the BF scenario.