QQQ Bear Flag Trade Ideas
QQQ is very similar to SPY as usual. Same bear flag and overall.structure. We have last week's highs above along with a gap fill and the top end of its bear flag. If QQQ.rejects from here, I'd expect it to go.back and test last week's low which is also the April low.
I can't stress the importance of the April low enough, there's a reason NQ saw two bounces at that exact spot. Bulls must defend that area or else. If we break below and stay below, that's a confirmed bear market in my eyes. Why? Because it would be the first major lower low on QQQ or SPY since October of 2023. That would mean the uptrend from then is now over and we'll move into a downtrend for.who knows how long.
The April low.is the difference between this being a correction versus an extended bear market that may accelerate faster than you'd think.
I can't stress the importance of the April low enough, there's a reason NQ saw two bounces at that exact spot. Bulls must defend that area or else. If we break below and stay below, that's a confirmed bear market in my eyes. Why? Because it would be the first major lower low on QQQ or SPY since October of 2023. That would mean the uptrend from then is now over and we'll move into a downtrend for.who knows how long.
The April low.is the difference between this being a correction versus an extended bear market that may accelerate faster than you'd think.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis Update:
imgur.com/a/tz4xLMU
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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