In the coming the tech sector will rollover and correct 10-12% in the month of june.
This will represent a 50% retrace from April lows
Weekly RSI is tagging Divergence resistance
tradingview.com/x/v9LPGEGfI
This space has only room enough to chop around for another few days so I'm thinking some news either comes out over the weekend or next weeks eco data comes out and causes a flush and break of this wedge
The immediate move would be to the 200ma or 495, from there I expect a bounce back to 505-508 before the next leg down
A break and close above 530 would negate this short..
I will go over some of the tech Sectors this weekend..
Don't swing any direction until this wedge is decided, will be choppy and annoying.. Theta decay heavy for 0dte.
Just have patience and fade the pops.. all the signs are there. I've notice a rotation into heath ,utilities and defensive all week despite qqq making new highs
If we happen to close below or near 515 that would leave us with a weekly reversal candle
This will represent a 50% retrace from April lows
Weekly RSI is tagging Divergence resistance
tradingview.com/x/v9LPGEGfI
This space has only room enough to chop around for another few days so I'm thinking some news either comes out over the weekend or next weeks eco data comes out and causes a flush and break of this wedge
The immediate move would be to the 200ma or 495, from there I expect a bounce back to 505-508 before the next leg down
A break and close above 530 would negate this short..
I will go over some of the tech Sectors this weekend..
Don't swing any direction until this wedge is decided, will be choppy and annoying.. Theta decay heavy for 0dte.
Just have patience and fade the pops.. all the signs are there. I've notice a rotation into heath ,utilities and defensive all week despite qqq making new highs
If we happen to close below or near 515 that would leave us with a weekly reversal candle
Note
SMH daily chart and weekly RSI.Daily chart tag trend resistance and dumped Also rising wedge..
Weekly RSI
Confirms
223 gap close incoming.. fade chips.. I think Avgo will play a big part
Note
XLYTsla and amzn..
Pain incoming..
Double top knock line at 218 plus trendline resistance shoves this back down to 200
Note
Note
So... Nq futures 3-4 hour went oversold..What this means is after today's gap down and chop they will most likely pump tech higher Tues-Wed... qqq could annoyingly push back up to 522-525.. after that pump higher I expect a dump for 509 gap close
Note
Last update for this postQqq at the close yesterday
Now here's NQ this morning
Same thing, rising wedge...
Market is up on strong job numbers but strong job numbers means Powell will be in no rush to cut with translates into a late fade or flush...
Same scenario here I believe price is done moving up , Now we SELL
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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.