SQQQ has rallied hard today, showing true weakness in the overall tech market. Although this rally crushed a ton of growth equities, there are a few critical things to note here.
SQQQ is showing signs of a bearish formation on the 1-month (triple top chart pattern), and various catalysts regarding vaccine rollout success and employment levels rising can start to show signs of true economic recovery, not just within the stock market.
Time will tell in regards to what happens in the short term, but I personally see another rally once more people receive their vaccines and we return back to the workforce as usual.
Triple top happens on the top, not the bottom. If anything, it is a triangle with the flat top represents resistance zone. The more resistance is touched, the weaker it gets.
Looks like a trend reversal for QQQ at hand. Buckle up.
akarimaghaloo
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nice catch!
ponzisaur
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A rally towards value stocks and away from tech stocks?
ClargyInvesting
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@thatkoenig, Precisely.
ponzisaur
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@ClargyInvesting but you see a h&s in sqqq, which would imply its goin down?