SPX is encumbered by its constituency, which includes some pretty rough looking sectors and so it follows that is relatively weak compared to big Tech, which the media had all but declared dead last week. Silly media.
SPX lurks at resistance so no breakout and no pattern activation.
NDX got through resistance and so the pattern is activated. But… these are 60 minute day trader/momo player charts. This can easily be a head fake.
But for now at least, Tech is trying to lead the market to a higher bounce. I still have a good chunk of QQQ (and several other longs) against the balance of cash, shorts and precious metals.
I am getting bored with this repetitive day trader style micro management. How about you?
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