FAANG STOCKS INDEX ABOUT TO BOUNCE FROM IMPORTANT SUPPORT LEVELS
QQQ and NDX bouncing with help of FAANG stocks. Only to fail again.
Regression Channel with bands of +3/-3 standard deviations on daily FAANG chart spanning the entire uptrend from the pandemic lows,
The chart illustrates a Normal Distri FAANG bution of prices with 95% or more of the price occurrences happening - as they should - within the Comfort Zone, which is the blue area bounded between +2/-2 standard deviations.
The FAANG stock index is very close to touching the lower edge of the -3 standard deviation band, which coincides with important horizontal support levels. An important rebound is expected in this area. This bounce will help QQQ and NDX to have a relief.
Downward pressure will continue. The bounce will probably have rejection at the lower edge of the Comfort Zone and fail to enter it. If that is the case and it remains an extended time out of it, a medium-term trend change would be materializing.
If it manages to re-enter the Comfort Zone a major rejection should occur at the Regression Line which is the center line of the Channel.
FAANG
Regression Channel with bands of +3/-3 standard deviations on daily FAANG chart spanning the entire uptrend from the pandemic lows,
The chart illustrates a Normal Distri FAANG bution of prices with 95% or more of the price occurrences happening - as they should - within the Comfort Zone, which is the blue area bounded between +2/-2 standard deviations.
The FAANG stock index is very close to touching the lower edge of the -3 standard deviation band, which coincides with important horizontal support levels. An important rebound is expected in this area. This bounce will help QQQ and NDX to have a relief.
Downward pressure will continue. The bounce will probably have rejection at the lower edge of the Comfort Zone and fail to enter it. If that is the case and it remains an extended time out of it, a medium-term trend change would be materializing.
If it manages to re-enter the Comfort Zone a major rejection should occur at the Regression Line which is the center line of the Channel.
FAANG
Comment:
The advanced just lasted one day...FAANG failed miserably to hold about support