QQQ Downtrend Analysis
TECHNICALLY: I think the 300 will be key to watch. As long as we don't break out of the established downtrend, I'm looking for a retest. If we fall below 300, there's another support we may also retest.
ZOOM OUT: Important considerations here are ongoing vaccination efforts and global reopening. Since March 2020 tech has had the momentum - until now. I think we'll see the speculative money continue moving out of tech into reopening trades, especially with the 10Y on the rise (propelled by the end of SLR exemptions).
MY MOVES: Until tech breaks out of the current downtrend, I'm short. I believe we'll likely see a retest of the 300 level, and whether it holds here will be key.
DISCLAIMER: I'm not a financial advisor, do your own research, this ain't trading advice - just some ideas.
ZOOM OUT: Important considerations here are ongoing vaccination efforts and global reopening. Since March 2020 tech has had the momentum - until now. I think we'll see the speculative money continue moving out of tech into reopening trades, especially with the 10Y on the rise (propelled by the end of SLR exemptions).
MY MOVES: Until tech breaks out of the current downtrend, I'm short. I believe we'll likely see a retest of the 300 level, and whether it holds here will be key.
DISCLAIMER: I'm not a financial advisor, do your own research, this ain't trading advice - just some ideas.
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