Smart Stocks Newsletter · Francesco
Francesco
Oct 22🚨 Tech Gets Obliterated— The QQQ Bear Flag Breakdown Is Here.
Once again, they cracked the AI names, and it seems like a ‘capitulation flush’ is the only thing that can save tech, as time is needed here.
Das Wichtigste · 🚨 Tech Gets Obliterated— The QQQ Bear Flag Breakdown Is Here.
Not to mention MANY of these groups are in downtrends or showing poor action, outside perhaps biotech and healthcare, with a few retail names.
As I posted yesterday, there were two scenarios that we were looking for in QQQ.
It was a very disappointing session for SPY, as we saw a major expectation breaker, gapping down below all the moving averages that were reclaimed yesterday and closing pretty poorly.
Although IWM was not nearly as badly affected as the other indexes today, its chart broke down many weeks before the others , and we are still seeing it face resistance at the 200-day moving average.
It was an absolutely brutal day for MAGS, which catapulted lower from above all the moving averages to break just below the 50-day moving average.
After so many tests, it was only a matter of time before support cracked for SMH, and today it gapped down below 540 and completely sold off throughout the day, now making the 200-day moving average look like an inevitable target.
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