QQQ stuck below resistance; very cautious

GMI1/6
GMI-21/8
T210823%

The QQQ appears unable to break above key averages.   A close below 54 would be very ominous for me.   Wednesday was the 15th day of the current QQQ short term up-trend, within a longer term down-trend.

4 thoughts on “QQQ stuck below resistance; very cautious”

  1. The only bright spot is apple is in a cub with handle formation on the weekly chart. It looks like the stock is forming the handle at this point. I am anticipating that a big move will be made when they announce the Iphone 5 on October 4th or when it has its EPS announcement on Oct. 20th.

  2. Yes, you are right in most cases they are faulty after the third or fourth time. But it is still to early to determine that it is in fact faulty until it breaks down.

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