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Let's review the market action from last week, and see where that puts us.
DOW 22,000 was the big deal. The NASDAQ had its day in the light, and now it has been consolidating as the DOW & SPX have been moving higher.
DOW WEEKLY - However , is the DOW getting a little ahead of itself too?
Let's have a look at and discuss the SPX & NASDAQ too
Read More If you were recently stopped out of TQQQ or UPRO, would you really want to start a new 'long' or 'short' position on a Friday going into the weekend, with the NASDAQ on day 25 of its daily cycle?" Probably not, today is the last trading day of the week. Let's take a look at the QQQ, for those already positioned however.
QQQ - Again the Q's closed under the 10 sma and as it gets later in the daily cycle, the more it may not have enough buyers to push it to new highs. Even if it did, it might be a short lived push higher.
Earlier in the week I pictured the QQQs just dropping and tagging the 50sma, and I wasn't encouraging jumping back in, for fear of getting stopped out again.
So far this is playing out, but I wanted to mention something else...
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SPX - We see tails on the bottom of the last few day, so the selling is being met with buying. I would have expected more selling, maybe down to the 50sma, but this might have been a 1/2 cycle low.
NASDAQ - The NASDAQ is still under the 10sma, and is showing 'tails' over the last few days too. In June the NASDAQ only showed a small 4 days pop and then continued lower into a dcl.
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