This morning I noted the QQQQs were moving lower -- contrary to the other markets on Friday. Let's start there:
Today prices started out at the 200 day/20 day SMA and moved into the 10 day SMA. More importantly:
The QQQQs look like they're in the middle of a bear market flag pattern.
The SPYs are still in an uptrend on their 5 minute chart. But prices broke down today by gapping down at the beginning of trading. In addition, today's price action forms a nice triangle pattern with prices alread breaking lower. In addition,
The IWMs are right at important technical levels.
The markets have been rallying for two straight months with no sell-off. Some type of correction is warranted. Over the last two trading sessions we've seen some preliminary moves towards a correction, but nothing definitive. These are just inching moves.
