The QQQ is at support - a horizontal line that has successfully bounced off which is bullish .
QQQ are below all MAs (8,20,50,200) which is bearish .
The volume is neutral because we are in a period of weaker volume .
RSI is approaching the mid oversold territory ( 40 ) so it is still neutral.
MACD is in a bearish position and is still not oversold.
Estimate: a bounce is possible up to FIB 0.3285 or 0.5 maximum. In that case, the conditions would be met for the formation of a strong pattern called Bear pullback.
Only by daily closing above the green (20 MA) and blue (50 MA) lines could be said to be bullish .
Falling below the dotted line opens up the possibility of a strong fall below the lower trend line .
A daily drop is 80% likely.
QQQ are below all MAs (8,20,50,200) which is bearish .
The volume is neutral because we are in a period of weaker volume .
RSI is approaching the mid oversold territory ( 40 ) so it is still neutral.
MACD is in a bearish position and is still not oversold.
Estimate: a bounce is possible up to FIB 0.3285 or 0.5 maximum. In that case, the conditions would be met for the formation of a strong pattern called Bear pullback.
Only by daily closing above the green (20 MA) and blue (50 MA) lines could be said to be bullish .
Falling below the dotted line opens up the possibility of a strong fall below the lower trend line .
A daily drop is 80% likely.
Consistency is the key of success....