After refusing to succumb to the clearly bearish technical developments over the last several weeks, QQQ looks to have finally rolled over, thanks to a one-two punch combination from GOOG & MSFT. Still some work to be done to firm up the bearish case, starting with a solid break below the 108.50ish support shelf but once/if that level goes, the next stop will likely be the 106.90-106.40 area. SPY started out trying to ignore today’s technical damage in this market leading index but has since giving back all of today’s gains & will likely join QQQ on a move lower in the coming days and possibly weeks+.
QQQ 60-minute April 22nd