QQQ is showing a death top cross. That is, (it looks like an upside down one) a candle that has a long upper tail with almost no body. This under normal circumstances says weve reached a short term top, and look out below. Lets cross reference this with SPY:
More of the same thing, just a bit more extreme. Not very good if you are long.
What about the reverse bear 3x etf? What does it say for tomorrow?
FAZ says its going to have a good day tomorrow,.looks like that means the QQQ will have a bad day as the inverse.
So what do we do with this? Because with the rates staying the same, the market should surge tomorrow and next week. Why did the market fall?
I think the reason is because Yellen stated that something could come in Oct, she doesnt know. Traders needed to think about that information.
So I have a put on MTRX and I have a call on the cubes, so in a sense, that is kind of an overall spread as the market will drag down MRTX if the market drops.
Looking at it again for a third time, I really don't like it that the market dropped like that at the end of the day, it showed weakness and indecision.
As the news is still flush with the Fed decision, the tech charts will be overridden by market sentiment and will blow whatever way from the aftermath of the Fed. We will just have to see how Wall Street reacts to it tomorrow. I would expect technical analysis will come back working for the charts sometime next week, perhaps on Tuesday. Essentially tomorrow is a news reaction day.
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