QQQ is starting to crack below the primary uptrend line off the March lows with a solid 60-minute close below likely to increase the odds of a substantial correction in the coming days to weeks although we still have earnings from the FAAMG stocks over the next week or so that will either foil or help to affirm any sell signal on the Q’s. I put a substantially lower weighting on breakouts & breakdowns of a stock, or in the case, of an index which is unusually heavily skewed towards just a handful of stocks, that are scheduled to report earnings shortly after the breakout/down occurs. With that being said, a break of support is a break of support until & unless that level is regained.
QQQ 60m April 28th
GOOGL/GOOGL (Alphabet Inc.) reports after the market close today with MSFT (Microsoft) & FB (Facebook) reporting AMC tomorrow followed by AAPL (Apple) & AMZN (Amazon) reporting AMC on Thursday. Strap in & hold on as the volatility is about the only thing close to being guaranteed throughout the remainder of the week.