The Long Investor

$QQQ TOP 20

Added 2024-03-17 15:38:20 +0000 UTC

This has been a bearish week for the $QQQ, we can see that the price has broken down from its bearish ascending wedge formation and also rejected at the 1 Fib at $444, having tested this level a number of times and unsuccessfully flipping this level to support or breaking out.

The 50 Day MA is just below at $426 and if the $QQQ loses this level, it will be the first signal of Wave A confirmed....this is what we saw on the $AAPL and $TSLA charts too, if this is lost, the price can come down lower to the 200 Day MA and Wave A completes here as shown.

I do believe that Tech has a formidable future but this correction is needed as valuations are overpriced right now, making the $QQQ an attractive add when the market pulls back below the 0.5 Fib at $353.