?Nasdaq 100 Stock Market Index QQQ ETF Reverses Off Top Downside Pressure May Follow
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Nasdaq 100 Index QQQ ETF Reverses Off the Top Downside Pressure on the way. http://www.wisdominvestor.com
The Nasdaq 100 stock market index & the QQQ ETF reversed off the top to form a bearish engulfing candle pattern. Downside pressure may be on the way if there is follow through to the downside. Other ETF funds that may see some selling soon are the SMH XBI IWM.
MSFT, Amazon, FB and Google are showing some weakness at the top. I may consider using the SQQQ, SOXS, LABD and FAX bear funds if selling ramps up.
The small caps IWM reversed off the top. I may consider using the TZA bear fund if selling picks up.
I will also be watching the commodity index DBC if commodity prices pick up.
If Silver and gold start to move higher, I will be watching the Gold Miners Index GDX and the Silver fund SLV.
Nasdaq 100 Index QQQ ETF Reverses Off the Top Downside Pressure Semiconductors Biotechs SMH XBI IWM