I was looking at 
QQQ earlier and I spotted a bearish Diamond top.
Since the
SPY is so tech heavy weighted I always prefer to use QQQ or tech for market direction.
Usually when you find technical patterns on Qqq or you'll see similar on spy.
This pattern indicates a range trade inside 740-755 for the next few days
Like so
And around Wed-Thurs we could see a possible breakdown.. this is all technical analysis but coincidentally The monthly Core PCE and GDP comes out Thursday . If I'm right and this diamond plays out then 705-710 comes from this move
If I'm wrong, then spy breaks and close above 755
Then 780 is incoming
The
DJI just printed a weekly bearish shooting star.
Daily chart at resistance
Here's the chip sector
SMH
1hr chart
Rising wedge.. of the 1hr candle is correct and trendline resistance holds then we should see red early in the week on chips but the sell won't come until late in the week when this wedge breaks..
1 sector finished really bearish and that's the banking sector $XLF. Xlf finished with a weekly bearish reversal here at 55.00 resistance and outside bbands
Lastly
IGV which is the software sector responsible for 
MSFT 
ORCL and 
PLTR finish with weekly 3 black crows . This bearish pattern indicates a 4 week of red is highly probable
Im not just focusing on the small price action like the hourly, even when zoom out back to the 2009 housing crash spy has only broken this trendline once with the stimulus inject of covid
And when you zoom in you can
Where the diamond is positioned
Log scale or logarithmic
QQQ earlier and I spotted a bearish Diamond top.Since the
SPY is so tech heavy weighted I always prefer to use QQQ or tech for market direction.Usually when you find technical patterns on Qqq or you'll see similar on spy.
This pattern indicates a range trade inside 740-755 for the next few days
Like so
And around Wed-Thurs we could see a possible breakdown.. this is all technical analysis but coincidentally The monthly Core PCE and GDP comes out Thursday . If I'm right and this diamond plays out then 705-710 comes from this move
If I'm wrong, then spy breaks and close above 755
Then 780 is incoming
The
DJI just printed a weekly bearish shooting star.Daily chart at resistance
Here's the chip sector
SMH1hr chart
Rising wedge.. of the 1hr candle is correct and trendline resistance holds then we should see red early in the week on chips but the sell won't come until late in the week when this wedge breaks..
1 sector finished really bearish and that's the banking sector $XLF. Xlf finished with a weekly bearish reversal here at 55.00 resistance and outside bbands
Lastly
IGV which is the software sector responsible for MSFT ORCL and PLTR finish with weekly 3 black crows . This bearish pattern indicates a 4 week of red is highly probable Im not just focusing on the small price action like the hourly, even when zoom out back to the 2009 housing crash spy has only broken this trendline once with the stimulus inject of covid
And when you zoom in you can
Where the diamond is positioned
Log scale or logarithmic
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Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.