One of the noteworthy developments in recent days has been the move in large-cap tech stocks. Shares of Facebook and Netflix fell 2.2 percent and 5.7 percent, respectively. Amazon declined 2.1 percent while Google-parent Alphabet fell 1.8 percent. The Invesco QQQ Trust Series I (QQQ) notched a three-day drop of 4.2 percent, the biggest lost since late April, bringing its YTD gains down to 12.4 percent. Now the question is whether recent selloff is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in QQQ.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – Invesco QQQ Trust Series I (weekly)
Our “U.S. Market Trading Map” painted QQQ bars in red (sell) – see area ‘A’ in the chart. After a strong run of outperformance since late June, QQQ peaked last week at 182.93 and rolled over. This week’s downside follow-through confirmed last week’s bearish reversal signal. This is a negative development…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
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