A bearish PPO crossover on the weekly chart of QQQ isn’t a be-all, end-all sell signal on the stock market. However, it is fairly reliable trend change indicator what is one of the least diversified but arguably, most important indexes to gauge on where the entire US stock market is likely headed.

Still need to see QQQ 433 and the comparable 18050 level on /NQ, i.e.- the bottom of the recent trading ranges, get taken out with conviction to provide a more precise & high-probability sell signal for a longer-term swing or trend short position. As of now, they (bulls) gobbled up the pre-market test of the bottom of that range so far today but that was also to be expected (at least one last hurrah off this latest drop to the bottom of the range before it goes for good).