September 28, 2021, 11:24 am EDT
Major Breakdown from Nasdaq 100 (QQQ)
Today is a major breakdown day for the Nasdaq index. A picture is worth a thousand words as shown in the featured chart (QQQ).
The final defense line is 360 which looks fragile. If this level is broken, QQQ would enter into a major downtrend because of the lower-low.
Last week two high-volume distributions served as a warning signal to remind market participants that big guys were running out of the door.
There could be multiple reasons or explanations for the fall from an economical perspective. But the technical analysis summarized it well. That is, bulls are weakened and bears are strengthened.
anthonycar
completely agree, the attempted rally in the Dow the last week has been a distraction while the smart money sold off the high flyers/tech/growth. Decent amount of breakdowns today!