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QQQM - Market Correction Before The Santa Rally Has Started
Invesco NASDAQ 100 ETF
On Friday, news of a new “Covid” variant broke, and stocks marked “Black Friday” by plunging firmly through the 20-dma and support at recent lows.
While the market correction last Friday was sharp and did push several of our short-term indicators into oversold territory, any bounce this week could lead to more selling pressure near term.
As we head into 2022, I would not be surprised to see a pick-up in volatility as liquidity flows decline along with economic growth.