holding on to that line. looks like it might hold yet again. stochastic nearly bottomed now. if and when this breaks 90 then is support. for all those who are bearish the markets, understand that your measuring stick is what is broken. the yardstick you have used is now a ruler. so all prices must rise. stocks are not going up, its the dollar going down.
rsi and stochastic getting toppy on leader lines but still pointed up. for this to roll over it will take either massive selling or a slow topping pattern of several months will form.
i have to suspect a grind to mid 3500's. 3550? bumpy road but still more to go.
516ish. trend line, fib level. silly overbought. lets see. if so, its a $50 round trip. of course there is the share split coming aug 31. you can see in the weekly, a pattern of falling back to prior support as a major low. that is the best place to go long. but for how many more years? most of the 2000 tech stocks that fell from grace did not return. ...
bottomed. attacked 20 dma. closed on it today. watch for short squeeze. not a lot of resistance to 95. precious metals down?
the parallels are obvious. im somehow skeptical it will be allowed to happen. free markets? maybe it tags the 20 dma.
hourly divergence in rsi on nq but not qqq. did it play out? you betcha. see gold lines on price and rsi.
wary of this upper black line. back to 150? this pattern took 8 years to play out.
even a 1/3% pull back now affecting daily rsi and stochastic. i would expect a pull back and one more divergent attempt to at least 3373 and higher with the stimulus bill passing.
sheesh. a line from 2012 targets at least 485 on a vertical. so by the time it gets there that line is higher
stochastic moves slow on a daily time frame. rsi moves faster. i always check both indicators on all time frames thru weekly to get a sense of direction. market wont pull back significantly until these indicators top.