QQQ volume drop, mixed news day
We had a low volume day on QQQ , <=65M, which has been coinciding with reversals YTD. Tops see vol drop before or at the top(white vertical) and Bottoms see a vol drop after or at the bottoms(Black vertical). For more info on this phenomenon, check the related idea below.
We're also seeing a similar bar pattern in the yellow circles. History doesn't repeat, but it rhymes. I made some copies to plot possible paths.
The vwap from 1/24 (red) has been a major resistance/ pivot , so Bulls need to establish support above to confirm bull tomorrow and beyond. Being above the POC, regression curve and 2nd LRL are all bullish . However, another 1/24 vwap rejection might be the last test in this range for a while, and fall fast. You can make a case either way, but I'm leaning bear for Thur and/or Fri. While writing this QQQ has been dropping.
Bulls were excited about JPOW's 25bps opinion, but there will still be an FOMC vote. So there could be a surprise, but less likely. There's a ton of puts for the monthly, so FOMC might be a very bullish event as we gain clarity on their plans and the year ahead. A lot of mixed news elsewhere today, tho; and uncertainty still with the Ukraine invasion. So be careful! Good luck.
We're also seeing a similar bar pattern in the yellow circles. History doesn't repeat, but it rhymes. I made some copies to plot possible paths.
The vwap from 1/24 (red) has been a major resistance/ pivot , so Bulls need to establish support above to confirm bull tomorrow and beyond. Being above the POC, regression curve and 2nd LRL are all bullish . However, another 1/24 vwap rejection might be the last test in this range for a while, and fall fast. You can make a case either way, but I'm leaning bear for Thur and/or Fri. While writing this QQQ has been dropping.
Bulls were excited about JPOW's 25bps opinion, but there will still be an FOMC vote. So there could be a surprise, but less likely. There's a ton of puts for the monthly, so FOMC might be a very bullish event as we gain clarity on their plans and the year ahead. A lot of mixed news elsewhere today, tho; and uncertainty still with the Ukraine invasion. So be careful! Good luck.
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oops bull mirror pattern didn't come out right
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Also could have included Feb 1/2 as tops. Tho the vol was above 65M, it was under the volume MA at the time. So counts as a drop in volume.
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