Bearish outlook on QQQ
On September 17, the tech heavy index closed near 574. Current prices are trading well below major exponential moving averages. The 5 day, 9 day, and 20 day averages are all sitting above 713, while the 50 day average is near 711. This deep disconnect suggests significant bearish pressure on the chart. Meanwhile, the volatility index cooled off, dropping to 15.44 from 17.71 the day prior. This decline in volatility points to stabilizing market fear, but the technical trend remains deeply negative given the price gap below key moving averages.
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Source: ChatGPT
Ticker: QQQ
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