The Apple-weighted QQQ ETF, seen below on the stretched-out 30-minute timeframe since the beginning of this year, failed to so much as threaten a gap-fill even as AAPL got sold aggressively. You can see just how tight the lagging Nasdaq is becoming in terms of price action, which begs the question of which direction it will eventually break for a big move.
The easy answer is that the market is stretched and will soon follow the Nasdaq lower. But shouldn’t that have already happened with Apple cratering this week? I am keeping an open mind to the small caps in the Russell, the transports, and other assorted leaders here taking a break next week while the Nasdaq potentially regains its swagger.
For much more in-depth analysis, be sure to check out my Weekly Strategy Session this weekend (click on link for details).
One Response to Intraday Look and Analysis: Nasdaq Bulls to Dive Back In?
Loving that GIF