The magnificent 7 as a comparison to QQQ has currently broken out of a long term rising wedge. As expected this is a sign of momentum of a trend coming to the end. As these stocks hold up the weight of the QQQ, NDX, and S&P 500.
A break of a trend on such a wide timeframe could very well conclude any significant gains and possibly the start of another bear market.
As you can see each higher high it made the RSI diverged quiet significantly suggesting momentum each high was less significant then the previous.
I found a interesting post on Rising wedges by another Trading View member that I will post below.
However, in the short term momentum is looking bullish possibly due to equities seasonality.
A break of a trend on such a wide timeframe could very well conclude any significant gains and possibly the start of another bear market.
As you can see each higher high it made the RSI diverged quiet significantly suggesting momentum each high was less significant then the previous.
I found a interesting post on Rising wedges by another Trading View member that I will post below.
However, in the short term momentum is looking bullish possibly due to equities seasonality.
