The Nasdaq 100 (QQQ) is in a struggle with long term resistance of the trading channel and that of the momentum buyers. You can see the rejection several times off resistance, but every time the momentum buyers push it back up. I am still unsure what is going to happen here. We are at the point where bad news is good news and good news is better news just like in 21-22. If momentum can get above and hold the resistance, we could be in for another 2022 like bubble. I am unsure if we are just going to squeeze and pop through or a good 5% or so correction to bounce from. As we saw before, once momentum gets going it can stay irrational for quite some time.
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I meant to say 20-21 bubble not 21-22.
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End of day Wednesday. QQQ still feeling resistance. Could be weakening, but it is just churning away testing for support and resistance.
Still early yet, but a bullish ascending triangle could be forming. It is pretty weak and needs more time to develop. Could just be noise and I am forcing a pattern. A much more obvious one occurred in Nvidia a while back before its latest breakout. Hope it helps.
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A new lower, lower for Friday. Will this be a sign of a larger pullback, or an opportunity for a rally above the resistance?