Both $SPY & $QQQ below the 200SMA, More Decline Ahead?!

Ryan_Z0528
03-07

Both $SPDR S&P 500 ETF Trust(SPY)$ and $Invesco QQQ(QQQ)$ are below the 200SMA.

But also at a strong volume shelf, see the blue box.

$SPY$SPY

$Invesco QQQ(QQQ)$ marks the first time in over 2 years that has traded at or below the 200SMA for 3 straight days.

$QQQ$QQQ

Last time $QQQ closed below the 200 SMA was in January 2022.

The correction from absolute high to absolute low took 325 days and had a ~37% decline.

Currently, we haven't even corrected 10% yet.

@TradeFightLift ,Stock market speculator@TradeFightLift ,Stock market speculator

Watch the next 2 weeks.

Every time it lost its 200-day after an extended run and suffered at least a -3.5% drawdown within the next 2 weeks, it led to a bear market.

When the 2-week drawdown was less than -3.5%, 1-year returns were positive every time.

@jasongoepfert, Founded, built, and sold @sentimentrader@jasongoepfert, Founded, built, and sold @sentimentrader

However, we also see some leaders on Thursday: $AST SpaceMobile, Inc.(ASTS)$ , $Alibaba(BABA)$ , $Embraer SA(ERJ)$ , $Okta Inc.(OKTA)$ , $Sea Ltd(SE)$ , $GeneDx Holdings(WGS)$

Data Integrity Analyst @NickDrendelData Integrity Analyst @NickDrendel

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