NQ Has Entered Distribution Cycle 7/18/2020
This is the NQ channel at the 4 hour. The NQ channel is holding up again. I only had to adjust the top channel after that blow off top earlier. If it weren't for that blow off top, my NQ channel would've held up for 2 months.
It seems that there is a shift between tech stocks to biotech and other non-tech stocks (i.e. financials and transportation). Since the decrease was more focused on FATMANG (Facebook, Amazon, Tesla, Microsoft, Apple, Netflix, and Google), this tells me that the NQ may be in setting up for a legitimate pullback. This sudden shift reeks of institutional trading.
NQ's growth may be slowed down as a result. This is short-term sideways to slight bearish to the NQ. However, this move to non-tech stocks is actually more bullish overall to other sectors.
Institutions stayed away from the NQ for a while until recently (this week). They'll keep on selling their shares while retail traders keep FOMOing. Most retail traders do not realize where are the major supports are. If the NQ has reached this distribution cycle, then retail traders may be buying into a pullback mid-drop.
This is why I would wait until major supports below. I'll let a technical bounce get me profits. Let the price come to you instead of you chasing it.
It seems that there is a shift between tech stocks to biotech and other non-tech stocks (i.e. financials and transportation). Since the decrease was more focused on FATMANG (Facebook, Amazon, Tesla, Microsoft, Apple, Netflix, and Google), this tells me that the NQ may be in setting up for a legitimate pullback. This sudden shift reeks of institutional trading.
NQ's growth may be slowed down as a result. This is short-term sideways to slight bearish to the NQ. However, this move to non-tech stocks is actually more bullish overall to other sectors.
Institutions stayed away from the NQ for a while until recently (this week). They'll keep on selling their shares while retail traders keep FOMOing. Most retail traders do not realize where are the major supports are. If the NQ has reached this distribution cycle, then retail traders may be buying into a pullback mid-drop.
This is why I would wait until major supports below. I'll let a technical bounce get me profits. Let the price come to you instead of you chasing it.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.