Starting to form a pattern here.m And that pattern isn't bearish.
These white lines are forming an ascending Triangle. I highlighted the touches with green arrows. Today we bounced off that support area (On strong volume) and Rallied back up to That H&S neckline at 390 which now acts as resistance (See link).
Consider tomorrow's Trading between trendline support at 384 and neckline resistance at 390...
Cpi numbers coming out in the A.M could cause some early pullback before the late afternoon meetings.
Daily RSI still showing bearish divergence. That divergence will remain there unless we break 401.
If we drop below 384 , 379.52 support would be the next target
If we break above 390 , 21ema at 392 would be the next target. if we break above 392 we'll probably retest 400.
Try to stay flexible and objective tomorrow, the market is loaded heavy short here so we could see a bear trap from the MM's.
With that being said , this pattern is bullish but the biggest stocks (Apple ,tesla,Msft) inside the QQQ look bearish which makes me lean bearish.
These white lines are forming an ascending Triangle. I highlighted the touches with green arrows. Today we bounced off that support area (On strong volume) and Rallied back up to That H&S neckline at 390 which now acts as resistance (See link).
Consider tomorrow's Trading between trendline support at 384 and neckline resistance at 390...
Cpi numbers coming out in the A.M could cause some early pullback before the late afternoon meetings.
Daily RSI still showing bearish divergence. That divergence will remain there unless we break 401.
If we drop below 384 , 379.52 support would be the next target
If we break above 390 , 21ema at 392 would be the next target. if we break above 392 we'll probably retest 400.
Try to stay flexible and objective tomorrow, the market is loaded heavy short here so we could see a bear trap from the MM's.
With that being said , this pattern is bullish but the biggest stocks (Apple ,tesla,Msft) inside the QQQ look bearish which makes me lean bearish.
