With Friday’s job report, the QQQ will likely break out of its current consolidation–but which way? I must wait for the signal.
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There are a number of factors suggesting that the current QQQ short term up-trend is about to end:
Time for me to raise sell stops and be defensive— until Mr. Market tips his hand…..
The QQQ has now closed below its 10 day average for the first time since June 28. (See blue dotted line below.) Combined with other indicators, it looks like the current rally may be ending. We are also entering the post earnings release lull period and the weakest month of September. A good buying opportunity is likely ahead, but I am very defensive for now.