Market is starting to roll over. I'm expecting some major correction as we saw in February.
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Don't be fooled by the fact that QQQ is up :p
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Too early to call a break down yesterday. Instead, this should be what a short should be looking for:
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Very bad call this one. Trend was bullish back then and is still bullish. But things can change quickly in light of the coming FOMC. I think the FED could be surprisingly Hawkish by announcing accelerated rate hike (50bps or more frequent rate hikes), which would signal that the FED wants an early end to the current rate hike cycle before things get out of control.
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Chart update:
Trend line broke and we are backtesting it even though we are making new highs.
Bearish divergent continues to build up energy.
Trend line broke and we are backtesting it even though we are making new highs.
Bearish divergent continues to build up energy.
Perfect breakdown - backtest - dive pattern.