QQQ Update 28 January 2015

simple trading

Very negative action in the QQQ (as well as the overall market) today.  Those candles along with the close suggest there is more downside in the near term.  We remain in a major uptrend, but there’s no need to try to catch a falling knife.

Watch the 16 January recent swing low at $99.36 (yellow arrow) for support.  This level is also where your stop should be if you took the most recent trade setup.

If for some reason the market rallies tomorrow, watch the price range from 26 January for resistance.

In either case, you won’t be getting a trade signal so just review the price action tomorrow evening and think about what it means.

Good trading.