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Smart Money Starts Nibbling

Please click here for a chart of Nasdaq 100 ETF ().

Note the following:

  • The chart shows that the day started out with  going higher.
  • The chart shows the rally was sold.
  • The chart shows that when QQQ fell below the prior low, momo crowd started selling.
  • This is a reversal from the momo crowd’s typical pattern. This is an indication that for some in the momo crowd the pain is too much, and they are beginning to sell.