QQQ had another rejection off the top of the recent consolidation range yesterday with additional selling so far today with yesterday’s test of the top of the trading range likely the last IMO. While that may prove to be the last objective shorting opp at that level, the next sell signal is still pending a break below the bottom of the range (most likely scenario) or, should QQQ rally soon, we could get a near-term buy signal on a breakout above the top of the range (less likely) as it’s still anyone’s game, bulls or bears, at this time.
QQQ daily March 3rd
Potential swing targets remain the marked levels on the daily chart above and with yet another failure at the top of the recent trading range, I suspect the selling will begin to accelerate soon, especially if the bottom of the range (310.60ish) is taken out.