Bearish Breakdown in Tech Sector
QQQ shows a clear bearish trend starting June 22 after a brief false breakout above resistance. Price closed below the EMA50 on June 24 and made lower highs and lower lows over the past three sessions. The EMA5 and EMA9 remain flat while price drops sharply suggest weakening momentum and loss of short-term structure. Volume confirmation was absent but the bearish price action is evident. VIX rose on June 23 and 24 confirming rising fear in the market as options traders brace for volatility.
QQQ price action suggests sellers have taken control after failing to hold above 740 resistance.
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Source: Qwen
Ticker: QQQ
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