this looks similar to pr3vious days when we ran up premarket and sold off following. Powell speaks tomorrow, so a muted market day wouldn't surprise me. The dow is the strongest. But the QQQ's have been making higher highs and lower lows, ~446 would be the resistance line. More downside would not surprise me. 436 is support below that 432, but I would look more for 434/435 to hold. Overall, I think we have a little more upside before much more downside.
74582856 : At the end of this week, the overall Dow Industrial Index will plummet, mark my word! This week was a major turning point in the intensity of the geopolitical situation! Please note: the Western Front and the situation in the Middle East! Some things, as long as they are turned on, can't be stopped. If you stop, people will die, and they will continue even if you get stiff. These are all historical laws.
104640991 : Wow the amount of information in this chart is amazing. thanks
rawrrrbucks : @iamiam hello buddy! Thanks again for your insight. I enjoy these posts very much even though I’ve cut back on the individual stocks and just trade the indexes. (And a bit of futures options)
I’m just looking at SPY, QQQ and we’re sitting on the 50MA- on the 1D chart. traditionally the strong support. What do you reckon? If we crack this it’s a long way down to 150MA. Not saying that we’ll drop that far, but it’s a long way down- might take a while. What’s your feel?
iamiam OP rawrrrbucks : yes, it would be a long drop, and I expect one. I'm just not sure it's now.
rawrrrbucks iamiam OP : Well yeah. Usually it’ll take a few tests of the 50MA before we get through so I’m hoping sideways for a while. The more we go sideways the better- I can get some hedges on.
rawrrrbucks : The other seasonally weak month is a July. Maybe we’ll get a huge dip then.
CoolM : @iamiam r u still holding your NVDL long?
iamiam OP CoolM : no, just one small portion, I sold in the morning.
CoolM iamiam OP : U expect NVDA to correct downwards further so u sold? Also, wondering if your target for NVDA is still $1012?
iamiam OP CoolM : it is, but my timeline may have changed
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