Probably Nothing...
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Time will only tell how this plays out...There is a lot of momentum in this market right now, specifically tech. There's a 15%+ pullback coming. The question right now is just, how much meat is left on the bone, until then?
Confirm the channel break, and move above the trendlines and this thing could get parabolic (or more parabolic?)
We say more because tech is already in a "to the moon phase". AMZN, TSLA, SHOP...Advertisers announce they are boycotting FB, and it hits intra day highs hardly a week later. Advertisers pulling out of FB is the equivalent of sellers saying they are pulling out of SHOP or AMZN....
Tech couldn't be more clearly in a "nothing can go wrong, buy every dip, rocket ship phase". Which is a dangerous phase to be in if you are not careful.
That being said, this is one of, if not the only, overhead point of confluence left in the Q's, that would be suggestive of a reversal being imminent.
Confirm the channel break, and move above the trendlines and this thing could get parabolic (or more parabolic?)
We say more because tech is already in a "to the moon phase". AMZN, TSLA, SHOP...Advertisers announce they are boycotting FB, and it hits intra day highs hardly a week later. Advertisers pulling out of FB is the equivalent of sellers saying they are pulling out of SHOP or AMZN....
Tech couldn't be more clearly in a "nothing can go wrong, buy every dip, rocket ship phase". Which is a dangerous phase to be in if you are not careful.
That being said, this is one of, if not the only, overhead point of confluence left in the Q's, that would be suggestive of a reversal being imminent.
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VIX consistently staying above 28 while tech is soaring to all time highs....You'll struggle to find the last time that one happenedКомментарий
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Break...264 looks like the next resistance level...
-If that breaks.....well...just take a look at last year when the red trendline was broken to the downside, regained, and retested:
It's pretty wild to think such a substantially higher move can happen but...
Banks are beaten down, selling into earnings, with low expectations. Which makes it easy for them to beat horrific estimates and rally in the short term. Potential to fill the final big gap in the SPY?
Tech is a different story....GOOG...FB....adverting revenues were horrible before the whole "boycott" began. They are better than they were in April...but no where close to pre covid levels.
Liking the idea we see another Friday sell-off as people still worry about holding over the weekend. A bank rally next week....and then sell off...
Teal trend remain the entry point for shorts...until/if it break and holds.
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Testing the break as support is healthy
Testing and breaking down below...not so much
-Closely watching how things close today.
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