Invesco QQQ Trust Series 1 (QQQ)

[Devoid_Lucci]

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.

Well, the market was oversold, but now worse news is hitting, right? The market crashed based on financials fears, housing fears, and recession fears. Since then, the news has only gotten worse (we're almost certainly in a recession now and the financial/housing mess ain't bottomed yet). I wouldn't be surprised to see an extended oversold condition as the market prices in the new reality. The market has to see the light at the end of the 6-9 mo tunnel before it turns for good. I don't think there's a photon showing yet.