NASDAQ continues to probe lower bound of broader trading range
Not to repeat everything I have said recently, and it is all still relevant, but the "throw in the towel" sell-off for NASDAQ on Tuesday was still well within the current, broader trading range, with the August dip and March peak demarcating the lower edge of that range.
NASDAQ futures are up a little, indicating a very modest bounce at the open, but the question remains whether people pile on with a lot of dip buying or just continue to sell into any rallies here. It could go either way. I mean, one of these days the short-term trend (a mini-correction) will indeed reverse, but whether that reversal happens today or tomorrow or next week is too unpredictable to tell.
I may pick up a little more QQQ to profit from the dip. QQQ is still more than 2% above it's dip level in August.
-- Jack Krupansky