The London Tube is famous for its automated announcements reminding commuters to "mind the gap" between the train and the platform (don't fall in). QQQ has a gap that we should also mind. Notice how the ETF opened above 101 and closed above 101 the last four trading days. A close above 101 today would mark the fifth, but not the fifth of the fifth of the fifth. Sorry, I couldn't resist a little jab at Elliott. The ETF is clearly stalling, but the gap is holding and remains bullish as long as it holds. A close below 100 would fill the gap and provide the first sign of material selling pressure since the first half of October. Should this gap become filled, we would then call it an exhaustion gap and consider it bearish.
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