QQQ 30 minute March 24th

QQQ 30 minute March 24th

$QQQ is likely to start moving sharply lower on a break below the 108 level, which is the intersecting, dual support levels of both the 108 horizontal support as well as a minor uptrend which will come into play should the Q’s fall about another quarter point from current levels.

Additional confirmation of a near-term sell signal will come on a bearish crossover of the 14/34 ema pair as well as a bearish cross below the zero level by the MACD signal line (9 ema), both on the 30 minute time frame. A couple of near-term targets are listed on this 30-minute chart (S1 & S2 zone) while my preferred swing target remains the 100 level.