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Fundamental negative change on the charts

Posted By: Pat Lynch | May 24, 2013

The last two days has seen a fundamental negative change on the short term charts. It has been expected for a while now and it will be interesting to see how far it will fall over the next few days. I am using the charts from the QQQ (basket of 100 shares) to show the deterioration over the last 2 days. I notice in particular that the money stream has crossed down and this is what worries me most. The next support for the QQQ is the 20 day moving average which I expect will be taken out and then the 50 day moving average (green) at a little over $70  The charts below shows my concerns. Let’s see what today will bring. More on Sunday night.

QQQ2 QQQ1

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