I think we've seen a top here with the reversal that happened today. My levels held on SPY and that makes me more convinced the Nasdaq will have the same fate.
The top looks much clearer on Nasdaq futures. We have a double top, should the highs of today hold.
If you were to run a trend line through price, you'd see that all we've done on this rally is backtested the trend line from the April lows and have found resistance.
I think the next move is likely a large move down towards the lower support levels. Potentially CPI tomorrow is the catalyst.
Let's see where we end up, but I think it'll be one of the lower support levels should the highs hold throughout the week.
The top looks much clearer on Nasdaq futures. We have a double top, should the highs of today hold.
If you were to run a trend line through price, you'd see that all we've done on this rally is backtested the trend line from the April lows and have found resistance.
I think the next move is likely a large move down towards the lower support levels. Potentially CPI tomorrow is the catalyst.
Let's see where we end up, but I think it'll be one of the lower support levels should the highs hold throughout the week.
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