QQQ’s Close Below 200-day MA

The PowerShares QQQ (QQQ) was down for a 2nd-straight session after tapping a low of $170.16. Near-term support at $170-$169.50 held with the close back below the 200-day moving average being a slightly bearish signal. A move below $168 will likely signal a near-term top.

Lowered resistance is at $172.75-$173.25 with additional hurdles at $175-$175.50.

RSI is back in an downtrend with support at 45-40. A move below the latter would signal additional weakness with risk to 35-30. Resistance is at 50.