Upside Force Evaporates
Has time run out, for the Nasdaq?
We’re still waiting for a more definitive short-sell signal on the SOXX, but it’s the QQQs that may be setting up first (not advice, not a recommendation).
The chart below shows the QQQ’s have essentially stopped dead right above resistance.
Upside force has gone missing.
Nasdaq QQQ, Daily
Price broke out above resistance (blue line) with upside pressure diverging.
Of course, anything can happen, and price could continue to drift higher.
However, if there’s a lower daily low and lower close for the next session, the risk on a short trade via QID or similar, is well established (not advice, not a recommendation).
Stay Tuned
Charts by StockCharts
The Danger Point® 