$SPY & $QQQ Market BEARS NO FOLLOW Through, V shaped bounce
Yesterday i talked about 3 scenarios where one of them was we break below the double bottom support at 290 area for QQQ and bears have no follow through and we V shape.
Essentially its exactly what happened bears had a nice overnight drop and pre-market control, the moment market opened bulls took over filled the gap within the first 30minutes.
- Red flag for bears was when we re-tested that 290 support becoming resistance bears couldn't bring the price down to new low of the day, we hovered close to it and re-tested again and broke bull back above it. That's when shorts started covering here and we get a nice move up.
- looking for a 4H trend change to the bulls to have any meaningful bull follow through.
- still holding my TQQQ $21.57 entry.
Essentially its exactly what happened bears had a nice overnight drop and pre-market control, the moment market opened bulls took over filled the gap within the first 30minutes.
- Red flag for bears was when we re-tested that 290 support becoming resistance bears couldn't bring the price down to new low of the day, we hovered close to it and re-tested again and broke bull back above it. That's when shorts started covering here and we get a nice move up.
- looking for a 4H trend change to the bulls to have any meaningful bull follow through.
- still holding my TQQQ $21.57 entry.