Is the “Sky Falling” for Tech ETF QQQ? It has declined for sure! Has it broken below its 10-year rising channel? Nope
This chart looks at QQQ on a monthly basis over the past 20-years.
It has spent the majority of the past decade inside of rising channel (1). As it was hitting the top of its channel three months ago, it created a large bearish reversal pattern.
The decline in the first quarter saw QQQ test the bottom of its 10-year rising channel as well as its 161% extension level based upon the 2000 highs/2002 lows at (2).
Has the “Sky Fallen” on this tech ETF? It has declined for sure. At this time, dual support remains in play at (2), as support is support until broken.
What would it take for Tech to send a negative message to this sector and the broad market? A break of dual support at (2). Keep this price point in mind friend for down the road!
Are we headed towards an economic depression or has the majority been fooled and the lows are already in play?