Technical analysis by ratchet-mint about Symbol QQQX on 8/29/2024

QQQ experienced a number of turning points showing increased weakness in the sell off we have been seeing over the past week. False breakout to the upside Strong growth in volume confirming the breakout direction Hammer candle on close indicating reversal maybe coming after later day retracement RSI breaks above SMA line for first time This change in direction we have seen today with a new interest from the bulls shows that ever selling we experience going forward will likely be tested by the bulls again. For trend traders I would recommend sitting on the side lines until we see a stronger trend form either to the up or down side. This current down trend is showing weakness.