Tech destruction ominous–$QQQ short term up-trend to end–on sidelines

GMI6/6
GMI-24/8
T210861%

The QQQ short term up-trend will likely end today. I am on the sidelines in my trading accounts, watching the carnage in the growth stocks that have led the market up. Look at this daily chart of the leader, NVDA, as an example. Note the high volume selling as support has failed.

The daily RWB pattern is gone.

But the longer term up-trend in the general market is still intact, as evidenced by the GMI, still at 6 (of 6).

 

Leave a Reply