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Still is breakout more likely (the previous breakout was a head fake which is common).
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Al_Dente wrote:It's been a long time since we've seen so many new 52-week lows on the nasdaq AND ON THE NDX
WEEKLY
Screenshot 2021-12-02 125800.jpg
the bull case in that NALOW chart is that the price of QQQ has yet to confirm the NALOW breakout. The last time NALOW broke out in spring 2020, QQQ clearly broke down to multibar lows. This time, QQQ is down but not by very many bars.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
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The "slow" chart looking like the hand off ( to Euro zone traders) could be fumbled. Williams is overbought, retracement stalled at 50%, closing below a magic 00 level and we never got outside of the first volatility band. Market has to prove tomorrow that this is behind us and seasonal pattern is resuming.