QQQ's trend has turned down and he exited QQQ, advising investors to avoid technology now; he may get long again only after the NASDAQ finds a bottom or the market firms up. A close below 660 could send QQQ down to about 555.

If on the QQQ around 660 gets broken and it could come all the way back down to about 555.

We we closed out a NASDAQ position this week. So we got out of the QQQ. believe it or not the trend actually changed uh today or yesterday on this on the NASDAQ. We're actually now have a negative trend, a trend down for the NASDAQ, meaning you don't want to hold technology stocks at all right now.

If the stock market, like the NASDAQ, firms up and potentially starts to go higher, we may get long and and ride it for that next leg. But we are not going to hold it because technically based on how we follow the NASDAQ, it is actually telling us that money is now flowing out.

The trend is down and this thing could continue to correct in a fairly big way.

Yeah. So we got out we got we got out right here. We we got out pretty much right where it is right now because we don't want to hold it because the trend has potentially changed direction and it or it might trade sideways for a long time. So we simply have stepped aside on that.

So this tells us this is a daily chart of the NASDAQ. Tells us when a new uptrend has started, tells us when a new downtrend has started. And that's where we are right now. Our strategy is saying, "Hey, for some reason based based on price action, momentum, money flows, sentiment, our strategy is saying, steer clear of the NASDAQ, which is, you know, kind of a technology call saying stay away from technology at this point because it's uh going to be struggling."

let the NASDAQ find a bottom before we want to get long again, you know, u just to protect the capital. Well, I I think I think like if looking at the NASDAQ, if we were to break this low, it's a very obvious pivot low on the chart. uh but it's it's a significant level.

I don't know where that falls in terms of the retracement. I haven't really looked at it, but things usually kind of align. So, if we take a look at this overall move to the upside, you can see this happens to be a 50% retracement.

So, if it breaks 50%. That is going to that's going to be fairly bearish. You don't really want a pullback to go beyond the 50% point. It's also it also happens to be a point where we locked in some some partial profits when the trade started.

And of course, it's also it's also a pivot low. So, this is a very technical level that if on the QQQ uh what is this around 660 gets broken and it closes below it, it could come all the way back down to about 555 there.

So, there's there's a lot of potential downside we need to be aware of here.