Outlook for the week- more down

Hold on to your hats, there is going to be more bloodletting on the way. Lets take a look at what will be happening over the next few days with the daily QQQ chart:

As you can see with the last red candle there was a sudden gap down. That shows big weakness and I would expect more of a drop overall over the next three days barring any good news. Now is not a good time to get in long.

And its not a good time to get in long during the next week or two either.As you can see with the below weekly QQQ chart, I would expect the drop to hit some Resistance in the next week due to the fact that the indicator on top, the RSI is going to hit some resistance when it hits the mid line, there will be a temporary stay and perhaps a bit of a climb up after next week. Until then unless you are playing short or puts, I wold sit tight.

The RSI indicator again is showing a possible bottom when it hits the mid way point in the indicator like it did earlier in the chart. However for this week, hold on to your hat.

More pics tomorrow, so come on back. And by the way, there is a site redesign coming to make the site more clear and concise. And the pics are gonna hopefully keep poppin.

Stay True,
Mark