Cubes Update – Likely Failed Hammer

The Cubes (NASDAQ: QQQQ): 9:23 AM NYC time, July 22nd: Just a quick follow up on Tuesday’s post, noting the hammer candlestick (point 1 on the chart). In that posting, we pointed out that the hammer had to be confirmed by a higher open the following day, and then a higher close. That didn’t happen. Instead…

…we got a lower open and a much higher close (point 2 on the chart), followed by an engulfing candle (point three on the chart) and then a gap down to close just about at the lows for the week (point 4 on the chart). Cheers!

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