Although I was trading QQQ, I often also track SPY as it is often more indicative of the overall market health which I why I have marked it below. Mar 3's failure to breakout was notable and was the first warning sign.
SPY MACD issued sell signal on the daily, which has been a solid indicator. I only utilize strong MACD moves to avoid getting false signals, i.e. moving very rapidly downwards from very overbought readings.
4 of the last 5 major VIX MACD crossovers have led to short term corrections.
HYG (junk bonds) have been a great indicator and have often led major equities' ETFs before trend changes whether up or down. In the last few trendline breaks, there has been a significant lag before the market rolled over so it is very possible the market creates some froth before potentially moving down.
$NYA and $WLSH I track because they have had more pronounced moves relative to the other indexes. $NYA was showing more weakness prior to Friday's fall and the vol also confirmed distribution. in $WLSH, when it approaches the upper trendline and slips under the secondary trendline (dotted) it led to further declines 5 out of 5 times.
For $VIX the market has had short term corrections in 4 out of 5 instances on what I would call 'strong MACD signals'.
I don't use these indicators aggressively but $TICK has been displaying negative divergence which has led to falls 2 out of 3 times. The time the signal failed, the market continued to grind up at a weak pace but eventually rolled over. The $ONE:$VXO ratio is something I will watch in case we do correct as I will look to the yellow zone to confirm a tradeable bottom.
The QQQ major components all are showing signs of consolidation or correction. All except AAPL have shown longer term negative divergence versus QQQ which is a warning sign for potential long tern weakness. ORCL and INTC have particularly wobbly looking sequences. GOOG looks set to pull back from overbought conditions.
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