Wednesday, 7 November 2012

QQQ Breaks Below Support Point

As I mentioned in my post the other day, the Nasdaq 100 ETF, QQQ, was stuck at its resistance point for the last 2 weeks.  While it had not dropped below it, it also hasn't rebounced much off of it either.  With the fresh news of Germany economic ills and the spreading Europe slowdown, the market dropped off its own cliff today.

The chart below tells the tale quite nicely as QQQ is sharply below its support now.  The next support line?  Its a bit less clear but a decent argument can be made around the $62 point.  But clearly the downward momentum is still in vogue.

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