QQQ bounce on S1 support of yearly pivot points?
Updated
I have the pivot points set here to yearly, not auto, so they are calculated on a yearly basis. This is rather long term. I only have S1 level on for clarity. As you can see, QQQ bounced cleanly on S1 nearly 2 years ago during the march 2020 covid bottom. Today we've seen some very strange behavior indicating a possible bottom. By this I mean it gapped WAY down and has reversed way back up. Will it last? My guess is still no, but it's definitely worth watching for some follow through days.
Note
It indeed bounced, and it looks to also be bending downward again. Expect a retest to prior swing low and a double bottom-ish pattern... which is likely to fail and continue it's slide. With the inflation data due out next week and the widely anticipated Fed meeting Mar 16th...... it doesn't look promising. This is in addition to Russia taking over Ukraine's largest nuclear reactor. Good times.Note
Not visible on here, but it's now at S2 and we're going to get a nice bounce.
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