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Learn MoreQQQ was down another 1.5% at a corrective low of 455.63 earlier, amounting to a 9.8% decline from the ATH at 505.21 on 7/11/24, which we see on my attached 4-hour chart approached a confrontation with the QQQ major up trendline off of the October 2023 low that cuts across the price axis today in the vicinity of 453.30/50, and which will represent a significant test of support that must contain the selling pressure on a closing basis to avert downside continuation to 440-442.50 thereafter. To regain upside traction, QQQ needs to climb and sustain above 459.60... Last is 460.
On my live ES 120-min chart, I had timing for a high and symmetrical price resistance come together for an almost 200-point drop in the ES. Also, both targets were met on the downside.On GC (gold futures), I had a short setup that resulted in an over 25-point decline with both targets met on the downside.See both charts below.
A “crash-like” setup in the SP 500 has been in “watch” mode since mid-November of 2023. It was very close to moving into “warning” mode today should the market not do a quick turnabout. So far, it appears to have done so. Yet, even that continues to parallel the 2020 market near the end of February. Let me elaborate.The Long Term Trend Indicator (LTTI) is a derivative of the MarketMood Indicator (MMI) that tracks trend strength based on the divergence between where the SP 500 closes and where sentiment (MMI) would consider that price “should” be at.
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