The whippy market continues, as yesterday’s lows on many issues ought to hold if bulls are going to stage another rally to fresh higher.
I am keying off Apple this morning, with respect to the QQQ ETF. Seeing as Apple is such a big part of the ETF, note the potential breakdown on the daily chart, below.
We are likely to see further choppy and gaps either way until a name like Apple loses its 50-day moving average (dark blue line), where the selling would likely intensify.
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i can’t see many reason why apple take the deep way down after record iphone sales. apart from technicals
It should have rallied on that news.
I just purchased some QQQ Oct. put options. Yesterday’s action and today’s follow through is the signal I have been waiting for. QQQ’s are sitting on the 50 ma as I type. I think it will lose it here and then a windfall will ensure.
Nice, good luck.