Invesco QQQ Trust Series 1 (QQQ)

[pstuartb]

You've been predicting lower lows soon, right Paul?

I don't think I've been predicting much of anything lately.

On the hourly index charts, most have stoch(14,3), Wm%R(14) and rsi(14) readings that are consistent with lows that produce a bounce of a couple percent.

But as you point out, in the last few minutes several indexes have begun violating horizontal price support. Rut took out 688 from the 2/8 low. And the triangle everyone's been talking about looks like it might be breaking down.

Since the 1/22 low, I've been saying that we got so oversold on the breadth charts that we were likely in store for a multi-week bounce. It could still happen, but it's beginning to look like the oversold readings will get worked off by many weeks of sideways churn that eventually breaks down.

I still have a hard time believing we're in for a serious leg down right now because the weekly index charts and the breadth charts are still so oversold.