Price chopped around today.
We still have 3 left over gaps from 302.
Since the start of 2022 sell of QQQ had only gap down 3 straight times without a rally twice and each of those times the selling pressure was evident unlike here.
March is usually a bearish month for equities in general but I don't think we go into FED rate decision oversold. If we break below 290 we will likely keep selling into 260...
Now that my opinion is out of the way .
The pullback from 311 into 290 was a minor double top which completed at 292.50.
The neckline of that double top would be 298. I highlighted the neckline with a yellow horizontal. That neckline will also be a breakout for an inverted H&S move . The left arm of that inverted H&S starts at 309 so that would naturally be your target on this type of pattern..To support this theory, The NQ is showing a huge falling wedge...
The only wild card is the VIX , DXY looks about to correct in its falling wedge
I'm also seeing bullish patterns and technicals on Tech biggest names.
Only a drop below 290 and close would change my opinion here.
I posted a few bullish ideas over the weekend and they will all depend on this pattern playing out.
Currently I'm long Spy calls 3/6 EXP. And Googl 92c
We still have 3 left over gaps from 302.
Since the start of 2022 sell of QQQ had only gap down 3 straight times without a rally twice and each of those times the selling pressure was evident unlike here.
March is usually a bearish month for equities in general but I don't think we go into FED rate decision oversold. If we break below 290 we will likely keep selling into 260...
Now that my opinion is out of the way .
The pullback from 311 into 290 was a minor double top which completed at 292.50.
The neckline of that double top would be 298. I highlighted the neckline with a yellow horizontal. That neckline will also be a breakout for an inverted H&S move . The left arm of that inverted H&S starts at 309 so that would naturally be your target on this type of pattern..To support this theory, The NQ is showing a huge falling wedge...
The only wild card is the VIX , DXY looks about to correct in its falling wedge
I'm also seeing bullish patterns and technicals on Tech biggest names.
Only a drop below 290 and close would change my opinion here.
I posted a few bullish ideas over the weekend and they will all depend on this pattern playing out.
Currently I'm long Spy calls 3/6 EXP. And Googl 92c
