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ContraryTrader
May 6, 2023 2:28 PM

IXIC (Nasdaq) 

NASDAQ:IXIC1D
NASDAQ Composite IndexNASDAQ

Description

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For my followers who are unfamiliar with the Indexes , The IXIC is the entire nasdaq where as the QQQ (NDQ) only represents the top 100 tech; This distinction is important in what I'm about to explain.

Since Feb the IXIC has not been able to get over 12,280 while the QQQ has made a higher high since Feb; This is because only 5 tech names have been moving higher.

Just like the QQQ , IXIC is also trading inside a rising wedge


I think Monday we begin to pullback and eventually close close Fridays gap by CPI Wed.
From there we will see if the correction begins for tech or the start of a broader rally in tech..




Breakdown scenario


Breakout scenario




Trend Analysis
Comments
Luck264
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Just now looked into IXIC. 12470 is next supply zone for rejection. There is nothing in between. SPY has no major supply at 417. It will go above 419. 425 is extremely heavy supply
ContraryTrader
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@Luck264 interesting week incoming
ContraryTrader
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@Luck264 if it breaks over 12,300. it will not stop at at 12,470.. the consolidation has been too long
Luck264
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@ContraryTrader at some level it will reject after breakout. Take us down to primary demand point near 11k
Luck264
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@Luck264 I’m betting bullish on cpi data. Spy Until Tuesday close above 409 must watch
Luck264
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@ContraryTrader I will SPY until 419 to short
FCNurnberg
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W/O consolidations before CPI, we cant break the 415 so we consolidate for 2 days before break or we fail again after CPI and begin fall.
Luck264
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11740 is demand that we are printing all this price
Luck264
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If anyone do not satisfy with price action then stay out of trading. Wait until major supply zone hit for reversal
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