This past week the market practically retested the monthly S1 and monthly pivot. A big range offered plenty of opportunities for day traders. But for investors who like to use the "set and forget" strategy the time has not come. Conflicting news terrorized the machines on both sides.
From a larger pattern development I personally envision the H&S pattern in progress. The down trend line from the ATH is intact. Bears don't feel the heat until the price starts approaching it.
The earning season starts next week, this could only add more noise. However, I continue to emphasize to focus on hidden forces levels: weekly, monthly and quarterly.
Last week, the market has retested 15k level. This is yearly R1. Sell side is active off that level in alignment with the current bearish sentiment. The 15k is critical for both sides.
The technology is sensitive to 10y yield. Rising yield hurts the mega tech corporates looking to issue bonds and raise the cash for buy backs.
For the upcoming week I anticipate to see another attempt from the buyers to retest 15k.
10/9/2021
From a larger pattern development I personally envision the H&S pattern in progress. The down trend line from the ATH is intact. Bears don't feel the heat until the price starts approaching it.
The earning season starts next week, this could only add more noise. However, I continue to emphasize to focus on hidden forces levels: weekly, monthly and quarterly.
Last week, the market has retested 15k level. This is yearly R1. Sell side is active off that level in alignment with the current bearish sentiment. The 15k is critical for both sides.
The technology is sensitive to 10y yield. Rising yield hurts the mega tech corporates looking to issue bonds and raise the cash for buy backs.
For the upcoming week I anticipate to see another attempt from the buyers to retest 15k.
10/9/2021
