Rising wedge Seen on Weekly RSI and Chart.
Next resistance on weekly wedge is around 435 but On the daily chart There is a baby rising wedge with low volume that let's me know we'll likely not touch that resistance before the fall (See link)
Dow Jones has already fell outside of its weekly rising wedge
Nasdaq (QQQ) Is showing bearish divergence on its weekly with a possible wedge( see my ideas)
Confirmation of Wedge fallout will be a drop below 416 support.
So now I think the only thing missing is a Catalyst
Janet Yellen Has now started saying for the last week that raising rates "would actually be a good idea"😂. Don't be surprised if Powell on Wednesday drops a bomb about rates that starts the sell off. Think about it, For the last week tech has been keeping the spy afloat, if they raise rates the spy will lose its last pillar since the Dow is already cooked.
Good luck
Next resistance on weekly wedge is around 435 but On the daily chart There is a baby rising wedge with low volume that let's me know we'll likely not touch that resistance before the fall (See link)
Dow Jones has already fell outside of its weekly rising wedge
Nasdaq (QQQ) Is showing bearish divergence on its weekly with a possible wedge( see my ideas)
Confirmation of Wedge fallout will be a drop below 416 support.
So now I think the only thing missing is a Catalyst
Janet Yellen Has now started saying for the last week that raising rates "would actually be a good idea"😂. Don't be surprised if Powell on Wednesday drops a bomb about rates that starts the sell off. Think about it, For the last week tech has been keeping the spy afloat, if they raise rates the spy will lose its last pillar since the Dow is already cooked.
Good luck
