$QQQ and $SPY – High flyers continuing to be sold. Money flowing into the dividend paying large caps for “safety.”
The SP500 is right at the 50dma, so if we were going to bounce like we have the past year or so, this is where the bulls should make their stand.
I was looking at the QQQ at $85.55. The 200dma is $81.78, which isn’t far away. The 50dma is now above the current price at $88.43, and could act as resistance to any bounce if the trend is now down. The problem using the NDX is that it is more volatile and tends to overshoot in both directions. At least in my black box model.
The black box doesn’t have a buy signal, and is still on a sell signal from QQQ $91-ish.
Anyway, I’m guessing bounce here but I’m thinking the election year correction is here. Of course, I have been wrong about market corrections for the past year. I actually hope that I’m wrong again. Bull markets are better than bear markets (and also better than scary corrections).
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I decided not to renew my Audioboo Pro account. I can still do the podcasts for 10 minutes per audioboo. Which I think is plenty, right? They increased their price and I just don’t audioboo consistently enough these days. I can always re-up later.