NASDAQ 100 Tracking ETF (QQQ) Ups The Risk Profile By: Greg Schnell | July 24, 2018
The Nasdaq 100 tracking ETF (QQQ) suffered a rough day today. It closed higher but without question the afternoon showed signs of the bullish trend weakening. After a strong gap up in the morning on Alphabet's earnings backdrop, the intraday chart rolled over quite hard. What makes this a little more difficult is that the momentum shown by the MACD is lower currently than on the June high. This setup looks very similar to the March 13th high.
One other clue is if the QQQ starts underperforming the $SPX. If that happens, money will rotate away if the QQQ starts to underperform. This is shown in the purple area chart.
This can all still work out positively, but the risk level went up substantially after the market pulled back all day.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must! • DiscoverGold
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