9/14/2019 Stocks squeak out modest gains for the week and flirt with all time highs. Strong bearish divergences are building up on the weekly chart – especially for QQQ. I’m bearish again.

Welcome back.

QQQ generally outperforms the market since technology stocks like Apple, Facebook, Microsoft and Amazon have been doing very well relative to the market. Thus, it is interesting when QQQ is significantly weaker than the Dow Jones and S&P500.

Here’s the weekly chart of QQQ. Notice the bearish divergences (same or higher highs, but lower RSI). I’ve circled the price level I think we are likely to retest. QQQ weekly 9_14_2019.JPG

 

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