Don't Ignore This Chart!

QQQ Forms Bearish Engulfing at Resistance


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.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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. Learn More
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