QQQ - I see weakness
Looking at an 8-hour timeframe here of the QQQ and we have had a clear break of the channel that it has been trading in since November. It looks like we tried to back test the lower trendline and got rejected with heavy selling pressure. Momentum indicators are signaling some major loss in momentum and it is not oversold yet on the RSI.
We will have news from JNJ next week on its vaccination and potentially a 1.9T dollar stimulus that may make some headwind towards getting passed. Although, the recent runup has been extreme and overextended, and signs of inflation fears are rising as we see yields rise drastically. I think at a minimum we see further selling pressure to around 305 and most likely to around 300 in the coming weeks. That would be a healthy correction and offer an excellent opportunity to go long again. As of right now, I am short and I think if we get a good jobs report next Friday, we will see further selling pressure due to inflation fears.
I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. Good Luck!
We will have news from JNJ next week on its vaccination and potentially a 1.9T dollar stimulus that may make some headwind towards getting passed. Although, the recent runup has been extreme and overextended, and signs of inflation fears are rising as we see yields rise drastically. I think at a minimum we see further selling pressure to around 305 and most likely to around 300 in the coming weeks. That would be a healthy correction and offer an excellent opportunity to go long again. As of right now, I am short and I think if we get a good jobs report next Friday, we will see further selling pressure due to inflation fears.
I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. Good Luck!
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