SpyI'll be going over
QQQ
Es
Nq
NYA
And. A few major tech sectors
Soxx (Chips)
XLK (AAPL , Msft)
XLC (Meta, Googl)
Let's start with the TVC:NYA
So if you've , notice for the entire month of Dec , anything other than tech stocks straight nose dived .
With Earnings season 2 weeks away and a new presidency let's see how things stand
Here's the weekly chart zoomed out from 2009.. Price tagged the top of that white trend line late Nov
And zoomed in you can see that price broke the uptrend (Yellow channel) from 2023 lows.. now we can grind sideways until some catalyst snatches it back down to support like I circled in green
Either way you're either Neutral or Bearish using this chart.. Every time I look at it I think " this is why buffet is selling"
Now pay attention.. You see how you like to use your indicators for direction? Well I like to use different indexes and sector on top of my indicators to give more confirmation and to you it may seem like a lot but I've been doing this setup for years and it literally takes me about 10-15min to incorporate everything into trade able information..
Last week Thurs A few things hit resistance all at the same time
Look here At ES and NQ
NQ
ES
Now look at XLK and XLC
XLK
XLC
Now , I dropped the ball there because that was obvious short and I should've been loaded short but I think it's so more room to the down side.
You want to know if Spy can go to 620? Only if tech complies.. I've showed you XLK and XLC and they do not look bullish.. from a weekly perspective a lower high was made across the board and that Christmas pop could've just been a dead cat bounce .
Here's QQQ zoomed out
Zoomed in
The area I circled was the fake out when they added PLTR and MSTR to
Qqq
Now notice how we made a higher low but a lower high.. that price action always defines it's self as a pennant
Inside that pennant we could push up 527-528... A break above 531 and we'll melt back to 533-537
Nothing news worth for a big push to to upside except for TSLA car sales after New years
NASDAQ:SOXX
This interesting chart... NASDAQ:AMD and NASDAQ:QCOM have been following this instead of $Smh..
On major trend line support here... Didn't budge much even with all the selling Friday and if you notice neither did AMD.. price is pinned right below it's weekly 20/50ma.. A major move is coming for this sector In the next 2weeks ..
Bears see a H&S
Bulls see a pennant
Even though Im Bearish on most tech, this market can be a scam.. for example, most tech sold off since FOMC but they used AAPL to prop up the market .. Now that AAPL is overbought and due for a correction could they use Soxx to prop? It wouldn't stopped the slide but it would mitigate.. These bulls always find some shit to rotate into 😂.
Lastly here's Spy
Same pennant setup as QQQ
I can see a push back to 600 this week
At 600 we will see if it rejects and Kick off the sell to 566 or break above 602 and push to 608...
Yes it's a pennant
But it can also be a consolidation of a right shoulder for a H&S
Anything above 592 on Monday could be a dip buy for a push back to 600 stop loss below 590... 592-595 is chop
This market goes nowhere without tech though so let's see what happens.
These technicals picture took me 10min to see but 1 hour to type up. Don't troll the comment section, they have stocktwits and Webull for that...
I don't charge shyt and I don't want anything .. Genuine questions always welcome and your technical view is appreciated. Sometimes you may see things I don't 🤝
