QQQ - Charts Show Downside - Trim Profits - Same as Late June 22
0. The QQQ's / Nasdaq are showing the same pattern seen in June of 2022, late June.
1. This rising broadening pattern from April to June 2022 (AMD), is repeating right now.
2. Risk / Reward looking poor at this point.
3. If you have major profits in Tech that has run up a lot lately, profit taking today
a little into semi and micron short covering maybe, and not sure about a pop tomorrow
with a possible strong jobs report.
4. Then we could segue into"a sticky inflation report" on Friday.
5. Retest of lows could be in the cards.
6. No new positions, neutral and wait. Feeling like another shoe is about to drop...
- drchelsea
1. This rising broadening pattern from April to June 2022 (AMD), is repeating right now.
2. Risk / Reward looking poor at this point.
3. If you have major profits in Tech that has run up a lot lately, profit taking today
a little into semi and micron short covering maybe, and not sure about a pop tomorrow
with a possible strong jobs report.
4. Then we could segue into"a sticky inflation report" on Friday.
5. Retest of lows could be in the cards.
6. No new positions, neutral and wait. Feeling like another shoe is about to drop...
- drchelsea
Trade closed manually:
Inflation Core down today. Looks like Buy the Dip is the plan. Closing this. Even Burry can be wrong lol.
Comment:
Also, the CAC (China Cyber Communist Org) investigating Micron doesn't look great for semis. We shall see. Intel may be the play.
Trade active:
Keeping this open. We were analyzing the action from today, and there was a definitive rotation to cyclical stocks, which if we get a rotation into second quarter, tech could go sideways, or down.