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Following a seven day slide, the PowerShares Nasdaq Trust Series 1 (QQQ) rallied sharply yesterday, and now appears headed for a rally back into resistance of its 20-day and 50-day moving averages. Now that we have a sell signal in the broad market, a bounce back into this zone of resistance should provide a shorting opportunity in this ETF. We are placing QQQ on the watchlist. Trade details are available to our subscribers in the watchlist segment of the newsletter. For those who are unable to short QQQ, a long position in the inverse ETF, QID, would serve as a reasonable proxy for this trade.

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