$QQQ Have we reached the climax of counter-trend rally?
Nasdaq-weight QQQ has bounced nearly 23% from its bottom back in mid-June, and we are at a critical resistance with the multi-month trendline and the resistance area indicated in the red box. I see a retracement in the near future back to the confluence support of 20/50EMA, possibly retesting the mid-June low.
Summary:
- Short-term bear bias
- Trend line resistance
- weekly EMA resistance
- bearish RSI divergence
- Price resistance to previous low
I am personally reducing tech exposures and hedging with SQQQ, and increasing cash size to re-enter with a lower price.
Summary:
- Short-term bear bias
- Trend line resistance
- weekly EMA resistance
- bearish RSI divergence
- Price resistance to previous low
I am personally reducing tech exposures and hedging with SQQQ, and increasing cash size to re-enter with a lower price.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.