QQQ - Where is the bounce? Trendline below...
The trend is your friend, until it isn't...
Last 3 weeks we've seen a decent correction in the market after months and months of nothing but a strong bull run. While this correction does make sense since the market doesn't shoot straight up, the question we are asking ourselves is where do we bounce and reverse? We've seen
AAPL
and
NVDA
along with a few other big names dump hard in recent days with bears in absolute control.
Just below on
QQQ
we see an established trendline support that could easily give bulls a reason to jump in and give the market it's next "higher high" in the current bull run. This would also most likely give
QQQ
and many other tickers an ATH price.
Overall, short term market is bearish, while in the longer term we still remain bullish. This trendline support is something worth keeping an eye on in the coming weeks.
Last 3 weeks we've seen a decent correction in the market after months and months of nothing but a strong bull run. While this correction does make sense since the market doesn't shoot straight up, the question we are asking ourselves is where do we bounce and reverse? We've seen
AAPL
and
NVDA
along with a few other big names dump hard in recent days with bears in absolute control. Just below on
QQQ
we see an established trendline support that could easily give bulls a reason to jump in and give the market it's next "higher high" in the current bull run. This would also most likely give
QQQ
and many other tickers an ATH price. Overall, short term market is bearish, while in the longer term we still remain bullish. This trendline support is something worth keeping an eye on in the coming weeks.