Was reviewing QQQ/drawing trendlines
and noticed this.... QQQ
broke down throught ascending wedge/channel on 4APR and today 5JUN broke up through it. Usually when that happens it hangs there for a day/two then reverses back to the original trend (i.e. down). Fully expect QQQ
to move back DOWN through channel in next couple of days (NFP report tomorrow, FWIW).
continues to "rest" on this trendline
after throwback...but expect it to break down through it anytime now (today or Mon?)....is similar for SPY
and R2K ( IWM
, short is far & away best risk/reward scenario right now.
broke down through trendline
on 7/30 or 7/31 (your preference) and now kissing underneath of trendline
....would expect it to fall away (down) relatively soon