White lines- primary channel
Yellow lines - minor support and resistance
Showing a double top here That would lead to a drop to fib support level at 450. Also at 450 is its trendline support.
Fell through RSI support also.
Macd on the daily frame has death cross into bearish.
Thursday we closed with a dark cloud cover which indicates a reversal; Friday confirmed the candlestick.
I notice something weird happening on Friday, Tech stocks that have shown the most bearishness the last few weeks rallied along with heavily shorted Meme stocks while Value and Financials dipped. I think that switch up is temporary and going forward we'll see more of a rotation into value.
Financials (WFC,BAC,XLF) Are all pennies away from major support. I'll be looking for them to find that support Monday.
450 will be an important. To fall below there would kick off an even larger double top that could take us back to 426. Or we could bounce there but for any bounce to take place we'll XLK/NDX/Fanng to rally .
Conservative entry would be below minor support (Yellow line) 457.30
Stop loss 460.
Yellow lines - minor support and resistance
Showing a double top here That would lead to a drop to fib support level at 450. Also at 450 is its trendline support.
Fell through RSI support also.
Macd on the daily frame has death cross into bearish.
Thursday we closed with a dark cloud cover which indicates a reversal; Friday confirmed the candlestick.
I notice something weird happening on Friday, Tech stocks that have shown the most bearishness the last few weeks rallied along with heavily shorted Meme stocks while Value and Financials dipped. I think that switch up is temporary and going forward we'll see more of a rotation into value.
Financials (WFC,BAC,XLF) Are all pennies away from major support. I'll be looking for them to find that support Monday.
450 will be an important. To fall below there would kick off an even larger double top that could take us back to 426. Or we could bounce there but for any bounce to take place we'll XLK/NDX/Fanng to rally .
Conservative entry would be below minor support (Yellow line) 457.30
Stop loss 460.
