π Hi Tigers! π―
The bearish noise is louder than ever, but let's look at the facts about $Invesco QQQ(QQQ)$ .
πΉ Heavy volume on Friday β similar spikes appeared during the June and July pullbacks, both of which marked local lows.
πΉ $702 remains key support β a level worth watching as buyers and sellers battle for control.
πΉ Reversal signals are converging β several potential bullish signals are emerging at the same time.
πΉ Big earnings are approaching β megacap tech and AI earnings are due in roughly two weeks, which could provide a fresh catalyst.
πΉ Seasonality favors the bulls β another factor supporting the bullish case.
Of course, the risks are real: oil prices, the 10-year Treasury yield, the $Cboe Volatility Index(VIX)$ , and the upcoming midterms could all trigger more volatility.
But right now, I'm not convinced the bears have enough momentum to take control just yet.
β οΈ These are potential bottoming signals, not confirmation. As long as $702 holds, I'm watching for a reversal rather than rushing to call for another leg down. π
Markets are always moving - and sometimes, the best move is knowing what works for you.
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