We're close to the long term channel which we broke out of this year. Looks like we're coming back to test it, and that's why tech has had so much more mojo than the rest of the market lately.
If we bounce from the channel and continue to go higher, it will mean that SPY falls but QQQ falls more. It can also mean SPY rallies but QQQ doesn't rally as much, but I'm leaning towards the first scenario for later this year and into 2023. Around 1.26 - 1.25 should be support IF this backtest holds. We are currently at 1.28.
If we bounce from the channel and continue to go higher, it will mean that SPY falls but QQQ falls more. It can also mean SPY rallies but QQQ doesn't rally as much, but I'm leaning towards the first scenario for later this year and into 2023. Around 1.26 - 1.25 should be support IF this backtest holds. We are currently at 1.28.
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