As we’re about to kick off the abbreviated trading week due to yesterday’s MLK holiday (at least for QQQ, as the futures kicked off the week on Sunday evening, as usual) there are some significant technical developments worth noting.
The next sell signals that I was looking for triggered on the breakdowns of the minor & major uptrend lines (as well as the subsequent backtest & rejection off the minor trendline) on /NQ (Nasdaq 100 futures). Previous (Jan 13th) & updated 60-minute charts below.
NQ 60m Jan 13th
NQ 60m Jan 20th
Likewise, QQQ (Nasdaq 100 ETF) also triggered the next sell signals & is currently poised for a large gap down at the open today (pre-market trades shown with the white candlesticks). At this time, the next sell signal will come on a solid break below this 607ish minor support I added just after the previous 60-minute chart posted on Jan 14th, which is below, along with the updated 60-minute chart.
QQQ 60m 2 Jan 14th
QQQ 60m Jan 20th
Additional updates will follow on the market-leading Magnificent 8 stocks, several of which have (preliminarily… in pre-market) triggered the next check marks I’ve been looking for. However, most important is whether or not those sell signals stick at the market close (today or any other day), as they are based on the daily charts.