Top 5 Weekly Trade Ideas #5 - Mag 7 Resistance

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The mag 7 finally moved down for a retest of the previous ATH/supply I had been watching for a while. Got a nice bounce up to the gap fill before stalling out. Now we're coming back into the area again. This will have a big impact on SPY and QQQ so it's an important watch. It will either break this resistance here and fuel the market higher or potentially reject back down to the 2,000 area.

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Nice move back down to 2k. It had a nice ascending wedge break not shown here. After all the volatility this morning, bulls continue to hold the mag 7 above 2k. It has resistance here, but for any real downside it needs to break 2k. Market won't go without it.