QQQ bounce right back to resistance

Aug 22

Extremely bullish 2 weeks after that crazy low last Monday morning. You can see that QQQ tagged resistance yesterday and sold off today. Market is feeling bullish, but my gut tells me that this is a dead cat bounce. Hard to know for sure. The rally has been almost abnormally strong, and if you look back to early 2022 you saw the same thing. Big sell off with ridiculously strong rallies, but ultimately the market kept going down. Now, I obviously don't know that for sure. The advice I got the other day was "stocks only go up" as he bought a bunch of TQQQ and made a nice profit the last 2 weeks. So, maybe it pays to always be bullish.

Anyhow, I'll just keep doodling on my charts and sharing with the hope that it helps someone.

Aug 23

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Here is what I am seeing.

Aug 27

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Just treading water waiting for Nvidia earnings.

Aug 28

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Test of the 20 day while waiting for NVDA news. Aftermarket showing that NVDA "only" beat expectations by 5-6%, which right now does not seem to be enough for bulls. Will have to see if things change in the morning. My guess would be future earnings not high enough to sustain the massive run up on this stock. Case of buy the rumor, sell the news.

Aug 29

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Still just hanging out on the 20 day SMA and right above the center line of the longer time frame black trading channel.