Regardless of whether or not the gap will fill, risk is… well you know what risk is. To make matters worse, QQQ (along with NDX, SOX and SPX) painted a bearish engulfing candle today.
These candle-based signals only need imply a bearish day or two and nothing more. But again, the risk backdrop is and has been high. As today’s subscriber note in the Trade Log Notes said in relation to the chart of the VIX earlier today…
“The VIX is below my target of 30 and by definition indicating the highest market risk levels yet.”
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