UltraShort QQQ ETF in Stair-step Downtrend

The QID's (ProShares UltraShort QQQ) are on the verge of testing last Monday's low at 55.45, which if broken likely will trigger downside follow-through into the 55 area thereafter. Although the pattern off of the July highs, as well as glaring momentum divergences both on an hourly and daily chart basis, suggest that the QID should be chiseling out a bottom in the 55.50-55 area, the fact remains that the stair-step downtrend remains the dominant feature and will not be disrupted unless the QID rallies above 58.25.

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