STILL A BEAR. WHY?
Let me tell you one thing on my thesis why I am a bear. QQQ trend is still a downtrend; looking at economic events, it's weak.
- First, the Fed tried to tell us inflation was "transitory."
- Within a year, inflation hit 9.1%, a 42-year high.
- Then, the Fed tried to tell us that a recession was "unlikely."
- Now, we officially entered a recession.
- You are witnessing the most significant failure by any Fed in history.
Reference:
The Kobeissi Letter
"BREAKING NEWS: Q2 GDP unexpectedly falls by -0.9%, officially putting the U.S. in a recession."
My thoughts on technical trading. 4hr chart screaming overbought with QQQ sitting on resistance with regression trend showing overbought signal. Also, there has been a history of 50 SMA as support/resistance (which can be seen highlighted yellow circle)
Also, keep in mind bond rate is decreasing. Meanwhile, FED is increasing the interest rates to control inflation. This is called recession. ASK YOURSELF BEFORE GOING LONG HERE. IT'S BEEN ALMOST 12 YEARS OF BULL RUN WITH DIP THEN RIP AGAIN. THAT'S NOT A BEAR MARKET AT ALL; ITS STAYS more than six months. Plus, commodities going up is also a signal of recession.
Let me tell you one thing on my thesis why I am a bear. QQQ trend is still a downtrend; looking at economic events, it's weak.
- First, the Fed tried to tell us inflation was "transitory."
- Within a year, inflation hit 9.1%, a 42-year high.
- Then, the Fed tried to tell us that a recession was "unlikely."
- Now, we officially entered a recession.
- You are witnessing the most significant failure by any Fed in history.
Reference:
The Kobeissi Letter
"BREAKING NEWS: Q2 GDP unexpectedly falls by -0.9%, officially putting the U.S. in a recession."
My thoughts on technical trading. 4hr chart screaming overbought with QQQ sitting on resistance with regression trend showing overbought signal. Also, there has been a history of 50 SMA as support/resistance (which can be seen highlighted yellow circle)
Also, keep in mind bond rate is decreasing. Meanwhile, FED is increasing the interest rates to control inflation. This is called recession. ASK YOURSELF BEFORE GOING LONG HERE. IT'S BEEN ALMOST 12 YEARS OF BULL RUN WITH DIP THEN RIP AGAIN. THAT'S NOT A BEAR MARKET AT ALL; ITS STAYS more than six months. Plus, commodities going up is also a signal of recession.