QQQ failed to hold 20 MA Monday,failed move usually leads to fast move.Gap down Tuesday and a trend down day all day closing below key support 50 MA.
SPY close below support, not much support till 50 MA.
Nasdaq volume pattern along with lack of dip buyers suggests , market might be entering into correction phase. QQQ,137.50 is the next big support area that everyone will be watching. See if we have a soft open a crack at 137.50 and recover for a short term bounce trade with tight stop. Slim picking as far as watch list. Will watch few key stocks to gauge market condition. Good thing is we are beginning to see some volatility back in the market and it is not a bad thing for short term active trades.
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