Orange lines - Channel
Yellow lines - Trendline or support
Purple line - Bear target for correction
Green wave - Ema 21
I thought the dump on 7/30 was the start of an even bigger correction but as you can see the institutions just used it as a pullback at the top of the channel and bought the dip off the 21ema / trendline bounce. its funny because the same institutions that dump also by their own dip leaving retailers with the losses. Check out my RSI, friday it closed on some support there which relative to the chart is the 8ema.
How are they (Institutions) able to keep the QQQs balanced between such a tight area with resistance at around 371 and support at 364? I call it the "Hot potato trick". What happens is lets say Monday They rally old school large growth (Apple,MSft,orcle,Cisco) all for 1% gains. But at the same time they sell second tier tech (Snap,twilio,crwd,Zm) all for 2% losses. That move would be enough to gain on the qqq but not enough to really break out of what its trading in now (channel). Now the next day the exact opposite happens but old tech growth doesnt really sell of or just finishes flat while second tier tech regains their previous days loss. What im trying to say is imagine 10 more institutions trading like Cathie woods.
I remember last year tech ran into sept hot just like this from the run up of apple and tsla split. Could history repeat itself? Keep your eye on that EMA 21 or 20ma + trendline; wait for a close beneath both for short conformation, Any thing else is just a dip buy for scalp opportunity.
Yellow lines - Trendline or support
Purple line - Bear target for correction
Green wave - Ema 21
I thought the dump on 7/30 was the start of an even bigger correction but as you can see the institutions just used it as a pullback at the top of the channel and bought the dip off the 21ema / trendline bounce. its funny because the same institutions that dump also by their own dip leaving retailers with the losses. Check out my RSI, friday it closed on some support there which relative to the chart is the 8ema.
How are they (Institutions) able to keep the QQQs balanced between such a tight area with resistance at around 371 and support at 364? I call it the "Hot potato trick". What happens is lets say Monday They rally old school large growth (Apple,MSft,orcle,Cisco) all for 1% gains. But at the same time they sell second tier tech (Snap,twilio,crwd,Zm) all for 2% losses. That move would be enough to gain on the qqq but not enough to really break out of what its trading in now (channel). Now the next day the exact opposite happens but old tech growth doesnt really sell of or just finishes flat while second tier tech regains their previous days loss. What im trying to say is imagine 10 more institutions trading like Cathie woods.
I remember last year tech ran into sept hot just like this from the run up of apple and tsla split. Could history repeat itself? Keep your eye on that EMA 21 or 20ma + trendline; wait for a close beneath both for short conformation, Any thing else is just a dip buy for scalp opportunity.
