Don't Ignore This Chart

QQQ Forms Bearish Engulfing at Resistance

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With a strong open and sharp decline during the day, the Nasdaq 100 ETF (QQQ) has a bearish engulfing pattern working on Tuesday. In fact, the intraday scan for bearish engulfing patterns is quite full (165) an hour before the close. The bearish engulfing for QQQ confirms resistance and could foreshadow a short-term pullback.

120821qqq
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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. He has written articles for numerous financial publications including Barrons and Stocks & Commodities magazine. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed technician. In addition to his CMT designation, Arthur holds an MBA from the Cass Business School at City University in London. Learn More
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