QQQ SPY BTC Markets Topped This WeekLooking at this weekly chart, although we didnt close RED, we closed as an inverted hammer on the weekly. The weekly timeframe is important to look at. Because its a high timeframe chart, the candles help you understand where the trend is going much more accurately then low time frames like the hourly chart.
Now an inverted hammer isnt THE reason I believed we topped. But it is the price action that triggered me going short over the weekend.
I have been preparing for a top in the market, specifically the Qs since we got close to ATHs.
Why?
If you take a look at DXY, it looks like its about to go parabolic(ill add a chart later). Unemployment rate looks to have bottomed. BTC, Gold, and NVDA look to have topped as well.
An interesting stat i read, 76% of stocks have been in a bear market this whole rally up.
NVDA has held up the entire tech sector almost by itself, along w the other Top 7.
NVDA and APPL both had a huge spike last week which got quickly sold off. Seems to me like it gave that final upthrust after distribution. Which is normally that final move that takes out most short sellers liquidity before actually making that impulse move down.
A lot of people are saying to buy the dip, but Ive seen this before. This will be the dip that doesnt stop dipping.
VIX is very low but looking to be bottoming. TLT is also looking strong.
I will upload a few more charts so you can better understand my view.
Lastly, the green pattern is simply the price action leading up to the last top in the market. And it looks like it has high potential to play out as such. The RSI is also looking to be playing out a major bearish divergence.
Will update in the coming days weeks and months.
Good luck everyone.
