Had two fake outs from two squeezes but now we have closed back inside of the major rising wedge..
Tech sector is headed for a major crash this summer. Could we still hit 330? Sure if support holds on this next pullback then we'll grind up one more time.
XLK sector.. MSFT and aaple is at a major resistance intersection..
Today we closed on support of that white trendline at 147
As long as 151 holds on XLK it will be extremely tough for QQQ to see new 52 week highs.
This is XLY - Tsla and Amzn
Notice we rejected on our yearly trendline resistance
We close below tough fibonacci resistance and on white trendline support similar to XLK.
Things get bearish if we break that support , possible double top
Here's SMH - Chip sector NVDA , AMD
Closed on support with a rising wedge and bearish harami playing out
You see How XLK and SMH both stopped at .236 fib?
We either head back up to test .236 one more time or the correction kicks off Asap
Even though most sectors closed on support , I don't think this ponzi scheme goes on any longer ..
308 is my next target
Tech sector is headed for a major crash this summer. Could we still hit 330? Sure if support holds on this next pullback then we'll grind up one more time.
XLK sector.. MSFT and aaple is at a major resistance intersection..
Today we closed on support of that white trendline at 147
As long as 151 holds on XLK it will be extremely tough for QQQ to see new 52 week highs.
This is XLY - Tsla and Amzn
Notice we rejected on our yearly trendline resistance
We close below tough fibonacci resistance and on white trendline support similar to XLK.
Things get bearish if we break that support , possible double top
Here's SMH - Chip sector NVDA , AMD
Closed on support with a rising wedge and bearish harami playing out
You see How XLK and SMH both stopped at .236 fib?
Even though most sectors closed on support , I don't think this ponzi scheme goes on any longer ..
308 is my next target
Rising wedge on the hourly. Gap below support and bounced off 313 support.
.
When we break below 313 next week that's when the real sell off begins.
Over 319 and they go for 323 gap close.
Below 317.50 and we head back to 313.
I think there's a 90% chance we close 307 gap next week