The weekly chart of QQQ looks very weak. QQQ is back below its declining 30 week average in a Stage IV decline. This pattern could lead to a drop like the one that began last April. I am in cash with a small position in SQQQ. This is not the time to be brave. It is time to conserve capital. Support could be around 339 where the last green line break-out (GLB) occurred after the COVID decline.
The GMI could turn Red and the QQQ short term up-trend could end by Monday’s close.
