Been riding in this channel since 260; At one point it looked like a wedge but it has now formed into a rising channel.
Friday we closed up at the very top of this channel, and over bought on the 1 hour which means there's a high chance we pullback and test the support.
From the support we will either head up to 311 to close that gap or break support and dive back to 260. What Powell will say will decide the direction.
Until then, ignore the noise and play the white channel.
If you haven't notice, nasdaq has outperform this month and has led the spy higher. If QQQ heads to 310 then spy most likely will head to 420.
Friday we closed up at the very top of this channel, and over bought on the 1 hour which means there's a high chance we pullback and test the support.
From the support we will either head up to 311 to close that gap or break support and dive back to 260. What Powell will say will decide the direction.
Until then, ignore the noise and play the white channel.
If you haven't notice, nasdaq has outperform this month and has led the spy higher. If QQQ heads to 310 then spy most likely will head to 420.
Semis dragging the most