With the decline over the last several weeks, the Nasdaq 100 ETF (QQQ) broke below the Ichimoku Cloud for the third time since March. The ETF recovered quickly after the first two breaks. Also notice that the cloud is poised to turn red, which happens when the red line is above the green line. You can read more on Ichimoku Clouds in the ChartSchool.
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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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