Cubes Update – Rally Failure

The Cubes (Nasdaq: QQQQ): June 28th at 2:17 AM NYC time: Ever since the clearly telegraphed May top and breaking below all the major moving averages (point 1 on the chart) the Cubes have not even been able to muster a close above the 20-day EMA (points 2 and 3), let alone the 50- or 200-day EMAs. Tuesday’s near 2% down day on increased volume and close below 2-week trading range suggest that…

… the latest feeble rally has failed (unless it’s a pre-Fed meeting shakeout). Final answer coming soon. Cheers!

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