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RobBiddle

QQQ Approaching 0.382 retrace, likely top

Short
Invesco QQQ Trust, Series 1 (NASDAQ:QQQ)  
RobBiddle Updated   
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
Technical Indicators Trend Analysis Chart Patterns bearmarketrally Fibonacci Retracement
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indicator trendanalysis chartpattern bearmarketrally fibonacciretracement
Technicals: Each of the previous bear-market-rallies ended near the 0.382 retrace from previous peak. This is the biggest one yet and it is approaching the 0.382 retrace of the All-Time-High. I suspect we'll hit or slightly surpass 349.71 and then the next downtrend will begin.

Fundamentals: PCE came in higher than the previous reading. The FED is not done tightening.
Comment:
Technicals: Monthly candle close looks good for possible top. Wicked above the 0.382 and closed below it.

Fundamentals: April Job Openings surged from 9.7 million to 10.1 million. Interest rate hikes have not yet led to ANY increase in unemployment. The FED needs to tighten more, possibly a lot more than projected.

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RobBiddle
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