$QQQ - uh oh, Price fell out of triangle. Avoid price battle.

If you watch price on QQQ or SPY, you will see a strong price battle going on between buyers and sellers. Daily timeframe, the question of course is whether PPI tomorrow causes another gap down or a reversal back up towards upper resistance line.

RSI and stochastic do not provide a reliable directional signal right now; all the more reason for caution in your trades.

Comment:

On this daily chart, the low is right at the bottom of the Ichimoku cloud, which is green right now. There is a possibility that this huge gap down and selloff is the "cooling" I was looking for yesterday afternoon, as stochastic indicated a very strong rally over the past four days. I would not be surprised if QQQ flips back up tomorrow.