Magnificent 7 Trendline Resistance
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The mag 7 has been strong recently and is sitting near ATH, but it has been rejecting all retests of this trendline so far. If it's able to break above and hold on a retest, we should see new all time highs and I'd be looking for longs. However, if it rejects here I'd expect it to move back down to the major trendline support below.
Nota
The Mag 7 broke to the upside again of course. These stocks are just so strong, even when one of them sells off. NVDA had a weak day today, but AMZN, AAPL, and TSLA carried the load for the most part. We simply will not get the sell off I'm looking for until all of the Mag 7 rolls over. NQ is not going anywhere until that happens.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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