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Massive Up-Spike in QID


The upmove in the UltraShort QQQ (QID) has created a massively powerful momentum up-spike, which is a relatively rare occurrence, except for when a significant counter-trend move is in progress.

The nature of the RSI spike leads me to think that Apple (AAPL), which represents 15% of the NDX (QQQ), has potential to head considerably lower, back to test its prior low in the 488-486 area, if not lower. This could propel the QID considerably higher.

Be that as it may, let's notice that the QID just took out its prior high at 34.77 (from Feb 27), and is pointing at a confrontation with its 35.06 high (from Feb 23) next.

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