QQQQ may have broken below its trendline. The reason I use "may have" is that trendlines are not unique, meaning we can draw them in a variety of ways. They are primarily used as guidelines. Also, MACD is showing slight negative divergence, after a series of progressively weak up moves.
SPY is still within its trend channel. Whether it will also break below the channel remains to be seen. There is possibly short term support around 87. MACD is also showing slight weakening of the trend. Corey Rosenbloom pointed out a bearish pattern in SPY, which is a doji, followed by a hanging man, followed by a bearish engulfing candle.
On a positive note XLV broke above its trading range. This indicates investor rotation out of recently strong sectors like financials, basic materials and technology into more defensive sectors like healthcare.Disclaimer: No current position in QQQQ, SPY or XLV.
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