Let’s talk about the Invesco QQQ Trust (QQQ) chart.
We have several things happening on this daily chart. The moves on October 2nd and 6th created runaway gaps which tells us this uptrend is intact.
But that isn’t what happened.
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QQQs were right up against the resistance of the top of the channel on October 6th and honored it!
October 7th we gapped lower creating the change in trend candle evening star. It signals the end of an uptrend. Sure enough we had follow through the following day with QQQs down over ten bucks on significant volume.
Now we can still take one more leg lower and keep our uptrend intact on the daily chart as long as we maintain and stay above the support of the median line (red line).That is where we are going.
My price target is $740.42. If you see the QQQs open and trade lower Friday morning the TQQQ puts will be fairly inexpensive.
Thank You For Reading … See You Next Tuesday,
Licia Leslie