QQQ Daily, 04/10/2014: Definition of a down trend
Q's down again on heavy volume as sellers just want out and price isn't that important. All the shorter term MA's are pointing down and the 20MA has crossed down through the 50MA. That hasn't happened since July of 2013, but by the time that did happen Q's had bottomed and were on the way up so that 20/50 cross didn't mean much. This time is different.
At this point it does appear that Q's will take out the important swing point from early February and then probably head on down to the 200MA now at 82.55.
I've drawn in the lower part of what appears to be a bull flag and I'm going to call such until the Q's take out the Feb lows. At that point, the bull flag morphs into a falling price channel as Q's enter a down trend for an as yet undetermined time.
Q's continue to feel the heat from the fall of so many tech and biotech darlings and until these stocks come back into favor, then the heat will continue.
I'm not going to try and catch a falling knife here so until I see signs of a bottom and then the beginnings of a new rising price trend, I'm just avoiding tech altogether.
Be careful & GL
At this point it does appear that Q's will take out the important swing point from early February and then probably head on down to the 200MA now at 82.55.
I've drawn in the lower part of what appears to be a bull flag and I'm going to call such until the Q's take out the Feb lows. At that point, the bull flag morphs into a falling price channel as Q's enter a down trend for an as yet undetermined time.
Q's continue to feel the heat from the fall of so many tech and biotech darlings and until these stocks come back into favor, then the heat will continue.
I'm not going to try and catch a falling knife here so until I see signs of a bottom and then the beginnings of a new rising price trend, I'm just avoiding tech altogether.
Be careful & GL
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