First day of new $QQQ short term up-trend; Retest of August lows coming?

GMI2/6
GMI-25/8
T210835%

I am more likely to act on a change in the short term trend of the QQQ when it lasts 5 days. Moreover, the technical action of the SPY is disconcerting. Note the reversal on Thursday and the failure to hold the 30 day average (red line). SPY also reversed down from its upper 15.2 daily Bollinger Band. There was also unusually high trading volume on Thursday on a down day. I am waiting to see if we retest the August lows. I would look for critical support at the lower BB.

SPY09172015

 

 

1 thought on “First day of new $QQQ short term up-trend; Retest of August lows coming?”

  1. The markets are going down because now everybody knows the FEDs WILL increase interest rates in 2015, and soon. get ready for more ma5rket drops, use bear ETFs, short sells, puts.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: