Macro view of the Nasdaq 100 using PowerShares ETF (qqq).
Daily Chart forms a double top 27th feb @ 170 area and has fallen to 162.50 /162 support.
Resistance at 170 to 171.
Weekly still in an uptrend. Last monthly chart formed a hanging man, not textbook but worth noting. https://www.investopedia.com/terms/h/hangingman.asp
Markets are a bit weary of Trump's tariff comments. I don't believe alone they're enough to cause much more downside, however, there are other forces at play and traders should be wary of increasing volatility within markets. The most likely scenario is a rotation between 162.44 and 170.93, don't think 170 will be broken in the near future. Alternatively, the current formation could fail and a test of 150 is possible depending on a break of 162 to test the low at 150.
50/100 macd was showing divergence when the QQQ was at 170, this continues.![]()
The purple line on the monthly is the dow.
SMN - Chart, page-313
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