QQQ Likely Has More Room To Fall

Well that was a rather hard fall with the QQQ dropping 5% in a day.... justified? absolutely. More? Who's to say.

I'm taking a look at QQQ because technology is what led us into this irrational bull market and its also what's leading the decline.

Taking a look at some anchored VWAPs, I think we'll probably retest that top red line around the $275 level. It served as a resistance line and support line previously. In an absolute worst case scenario, the average person will no longer be profitable around the $224 level. Granted these values are likely to climb a bit in the coming days as more trading occurs. The bollinger bands continue to suggest a likeley near-term range of the movements we can expect.

Happy trading, everyone. I hope you have some cash on hand, because the bargains... they be a'comin' very soon.

Posted Using LeoFinance