An updated look at some changing trends
An updated look at some changing trends:
First, lows come in.
Then, bases form.
After that trends start to change.
Which lead to the birth of new bull moves.
We saw the downtrends changing here.
QQQ 0.00 was bumping into resistance at 295 ish
What happened next is one of the fascinating repetitions that keep chartists, technical analysts, and traders coming back for more.
Rejected at 295 resistance
Retests the downtrend line
Breaks through resistance and moves higher
Re-tests the breakout
📖 📔 Textbook sequence 📔 📖
Today QQQ 0.00 was able to close a little above the 314 pivot.
Next, there is potential resistance at 329.90 and then the ATH AVWAP above that.
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Current charts on top
July 9th charts below
IWM 0.00 turned the corner and hit the Covid low AVWAP
AMZN 0.00 has been able to keep the move alive
ARKK 0.00 is still working on it
What to watch for? - from July 9
✅ $SPY and $IWM confirmation. Watch for them to break the nearby downtrend line
✅ Rates and volatility to keep calm
$TYX flat to down
✅ And some retracement in the dollar, as mentioned.
It’s a big move in a short time.
We never know what’s next.
Know your timeframe and your levels.
If you are an active trader trim and trail.
I’d love to hear from you. What trends are you watching? Leave a comment, reply to the email, or share this on Twitter and tag me (@Andy__Moss) and I will reply.
And if you enjoyed these charts and observations please share!
Good luck, and trade well.