Please correct me if I've missed something. I want to be a Bull, but the 9/3 peak and 12 year cycle up vs. an 8 year average 33% correction, and the Macro economics of layoffs and forebearance screams crash to me.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
QQQs right now I think the best "analysis" I'd make of it is of the price action and volume.
Right back to the basics.
We saw a couple big volume buying days over to start this little leg up, followed by dropping off volume.
This is consistent with instituional buying to a T.
Text book stuff.
Big volume they buy in, then let the price drift and slowly keep accumulating while trying to keep the price low.
Then big buy in again and they slowly accumulate again.
Looks to me like right now they're in the drift the price down accumulation phase.
If we see a gap down on Monday that gets bought back up over the day it'll be more confirmation of this
Elliott waves have been useful for me combined with RSI spikes followed by MACD crossover for good entries in Sept/Oct, but short term record.
Mostly looking for when we bottom post 9/3 high to put the majority back into the market.
I'm not a fan of short term trading either. It sounds like you have a strategy that works for you.
I recently read Charting and Technical Analysis by Fred McAllen, great book, talks about some of the institutional buying stuff.
I think it looks a lot like what he talked about in the book and kind of seems to fit.
I mean, even just comes back to the fact that big money like pension funds and the rest of them, where can they put their money when bonds aren't paying nearly anything anymore. It's all gotta go into companies and tech are some of the best all around businesses.