(Click To Enlarge Chart)The chart of the QQQQs above shows a positive divergence in both the 14 period and 5 period RSI, while the 12-26-9 MACD is making new lows. Conclusion, a relief rally may be underway that last more than a day, but when it's over, new lows are probable.
Again, as I have stated several times in recent posts, a sustainable countertrend rally is not likely until mid-November, so unless we get some definite trend change signals, any rally is a selling/shorting opportunity.
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