SPY/QQQ Plan Your Trade for 7-26 - Top/Resistance Counter-Trend

26 Jul 2024

Today's Counter-trend pattern is a Top/Resistance pattern.

This pattern usually reflects a price peak setup - rolling into a downward price trend. But it is in a Counter-trend formation today - so we should expect a base/bottom setup rolling into a bullish price trend.

This video covers the SPY/QQQ/Gold, and I expect the "Kamala-Shakeout" may be nearly over in terms of market disruption (at least for now).

I strongly believe this is a moderate price shakeout. Traders are reacting to the new Democratic nominee (Kamala Harris) and the sudden change in expectations related to the Presidential election outcome.

I could be wrong, but it makes sense to me that this sudden change would be reflected throughout the global markets as a repositioning of capital (related to risks).

Let's see if the markets can hold this base/bottom setup over the past 2 days.

I really want to see the SPY above $550~551 to settle above my A/B level related to risks. A move back above $550-551 would indicate price has rejected the current downward swing.

Get some.

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