QQQ Bearish Pennant, More Downside Likely

QQQ 15 minute April 14th

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.

Apr 14, 2015 3:51pm|Categories: Completed Trades - Short, Equity Market Analysis|Tags: , |Comments Off on QQQ Bearish Pennant, More Downside Likely