QQQ 15 minute April 14th
Following the break below the small bear flag earlier today, QQQ is once again consolidating in what appears to be another continuation pattern, this time a larger, potentially more powerful bearish pennant. The next objective short entry or add-on will come on a break below the pattern. With about 10 minutes left in the regular trading session, a downside resolution is most likely to come tomorrow, possibly via a gap down.
Today’s breakdown & consolidation below the 15-minute bearish rising wedge pattern has also been confirmed by the MACD signal line (cross below zero) and 28/68 ema death-cross. A death cross is the term used when a faster moving average crosses below a slower moving average when the pair is used a trend change indicator.