Market continues to struggle to find strength. Apple hitting 52-week lows is another problem. All the large institutions are huddled in it, but they usually start selling stocks when stuff starts making lower lows.
Watch for a bounce, now that it made a lower low and see if it can get any real traction to the upside. I expect it to bounce around a bit here.
I do want to share a couple of other charts as we are at a key level for the market. This 60 minute chart shows us testing the closing low on the 65 minute chart from November. There is one level lower in October, but these are both intraday.
The daily version has us testing the exact closing lows from both October and November.
There is another chart, that I have been showing in the newsletter. I call it the falling dominoes chart. But this chart matches something we have seen on another prominent chart in the market. This is just delayed.
Here is the chart of Tesla with the same falling dominoes. Whether or not the QQQ chart actually starts falling hard here is the question.
I drew in a box where Tesla tried to find buyers before it continued to break down. That is what the QQQ will probably do over the next week or two. If apple doesn’t wobble but just drops, we’ll see the QQQ flow lower as well.
All that to say…. This is a really tough spot. My two year end market buzz videos have data regarding the big picture. You can view them here:
Dwight will continue to post charts to trade in the Daily Setups. Please be aware of the caution note above.