A lot of you have been emailing me asking: what exactly did I see that made me say the market was heavy and struggling? Let me show you.
Pull up a 12-hour IADSS chart on QQQ. You'll see what's called a double top — the market made a new high, consolidated, tried to break out again, failed, and started rolling over. That's textbook resistance.
Now for support: there's a significant level right around the $585–$590 area. We've tested it multiple times — here, here, here, and here. And guess what's sitting right at $580? The daily Simple 200 moving average.
This is my line in the sand. It's on every single chart I show you. The professionals watch it, the institutions watch it — everyone knows where it sits. When you're above it, the market is in a bullish structure. When you're below it, things get more bearish.
So right now? We haven't broken support, and we haven't broken above resistance. There's nothing compelling me to act aggressively in either direction.
So what am I actually doing during this chop? Two things.
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