So in my previous post I mentioned
Qqq tagged its 16 year trendline resistance
Zoomed in and circled last 3 touches
From 583 to 559 in one week.
Now Zoomed to see the last 2month price action and you'll see we hammered off our summer channel support
So with Powell speaking tomorrow i think we will be at a cross roads where either we will make 1 more high before sept or the move is done already.
Let me explain
In my last post (See link)
I explained the tech Sectors and that they where signaling a top and here we are a week later.
The 2 biggest tech Sectors
SMH (Chips)
XLK ( aapl , msft)
Are both Showing a topping pattern called Wyckoff distribution..
This pattern is pretty much a conformation that Sept will be UGLY and Qqq will close gap at 530 minimum
But I've said all this before in my last post..
This post is about the possibility of a bounce to 589-600 in the last week of August.
It all comes down to Powell tomorrow.. if Qqq closes back over 571 or 20sma tomorrow then I would be leaning towards one more of 589-600..
589 would be a tag of that yellow trendline which is that 16yr resistance.
600 would be extreme fawkery and a push back up to the top of the summer channel.
Qqq has faked out twice before over that monthly trendline . I circled the last 2 fakeouts here
So if Qqq and tech Sectors push back over their 20sma and close the week above it then I'd flip long for the last week of August then come back after labor day weekend with puts in mind.
If Powell causes a sell and we close below 563 then disregard this post..
The next best short entry is below 557.00
Core pce and NVDA earnings are catalyst next week.
Risky longs below 20sma..
Either wait for a break above 570.00
Or long 563-564..
If you long 563 then be willing to add to your position up into 559.00
Stop loss below 558.00
If you long above 570 them be willing to add to your position up into 567
Stop loss below 566
Over 570 and 576.50 comes
Over 581 and we will head to a new high
Trade idea
If this goes up then I like
GOOGL calls with a target of 210.00 for the last leg up. See my link
Entry above 197.50 (20sma)
Stop loss below 195.00
1st Target 202.50
2nd target 210.00
Qqq tagged its 16 year trendline resistance
Zoomed in and circled last 3 touches
From 583 to 559 in one week.
Now Zoomed to see the last 2month price action and you'll see we hammered off our summer channel support
So with Powell speaking tomorrow i think we will be at a cross roads where either we will make 1 more high before sept or the move is done already.
Let me explain
In my last post (See link)
I explained the tech Sectors and that they where signaling a top and here we are a week later.
The 2 biggest tech Sectors
SMH (Chips)XLK ( aapl , msft)Are both Showing a topping pattern called Wyckoff distribution..
This pattern is pretty much a conformation that Sept will be UGLY and Qqq will close gap at 530 minimum
But I've said all this before in my last post..
This post is about the possibility of a bounce to 589-600 in the last week of August.
It all comes down to Powell tomorrow.. if Qqq closes back over 571 or 20sma tomorrow then I would be leaning towards one more of 589-600..
589 would be a tag of that yellow trendline which is that 16yr resistance.
600 would be extreme fawkery and a push back up to the top of the summer channel.
Qqq has faked out twice before over that monthly trendline . I circled the last 2 fakeouts here
So if Qqq and tech Sectors push back over their 20sma and close the week above it then I'd flip long for the last week of August then come back after labor day weekend with puts in mind.
If Powell causes a sell and we close below 563 then disregard this post..
The next best short entry is below 557.00
Core pce and NVDA earnings are catalyst next week.
Risky longs below 20sma..
Either wait for a break above 570.00
Or long 563-564..
If you long 563 then be willing to add to your position up into 559.00
Stop loss below 558.00
If you long above 570 them be willing to add to your position up into 567
Stop loss below 566
Over 570 and 576.50 comes
Over 581 and we will head to a new high
Trade idea
If this goes up then I like
GOOGL calls with a target of 210.00 for the last leg up. See my linkEntry above 197.50 (20sma)
Stop loss below 195.00
1st Target 202.50
2nd target 210.00
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.