With a move below last week's lows, the Nasdaq 100 ETF (QQQQ) broke below consolidation support and StochRSI became oversold for the first time since late August. This oversold reading looks like a sign of weakness because it is occurring along side the support break.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. 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 market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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