So, this is an update and follow up from yesterday's post ..
The two biggest sectors are XLV (Healthcare)
And XLK (Tech). These two sectors have the most influence on the spys movements.
With that being said, XLV finally closed its gap today and bounced ; XLK held up 135.
The dow jones so far is holding above its weekly 50sma . The daily Money flow just went extreme on the oversold. The last 2x the dow went that oversold were Sept 7 2022 and Sept 30 2022, I'll let you see what happened yourself
We are still inside this white channel I outlined from mid February but now I've notice a split (Yellow line) that is acting as resistance..
Also we stop exactly around last week lows which gives us two bottom to make a W pattern
Our overhead resistance is 50sma at 396.60 and then yellow trendline around 398..
I don't feel comfortable yet calling unless we can close back over weekly 50 at 399..
But some major things are oversold and QQQ did bounce off 290
The two biggest sectors are XLV (Healthcare)
And XLK (Tech). These two sectors have the most influence on the spys movements.
With that being said, XLV finally closed its gap today and bounced ; XLK held up 135.
The dow jones so far is holding above its weekly 50sma . The daily Money flow just went extreme on the oversold. The last 2x the dow went that oversold were Sept 7 2022 and Sept 30 2022, I'll let you see what happened yourself
We are still inside this white channel I outlined from mid February but now I've notice a split (Yellow line) that is acting as resistance..
Also we stop exactly around last week lows which gives us two bottom to make a W pattern
Our overhead resistance is 50sma at 396.60 and then yellow trendline around 398..
I don't feel comfortable yet calling unless we can close back over weekly 50 at 399..
But some major things are oversold and QQQ did bounce off 290
