$QQQ & $IWM - Breakout and Overbought Already?
$Invesco QQQ(QQQ)$ - Breakout and Overbought Already?
If I didn't use the Bollinger bands I'd say this is a strong buy, but the bands in big indexes are something to consider. A consolidation is very likely, as the first arrow indicates. A more significant top as the second arrow highlights is less likely considering more rate cuts ahead.
The gap at all time highs adds references for the consolidation thesis.
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$iShares Russell 2000 ETF(IWM)$ - As anticipated yesterday, a bullish setup indicated a bottom, the gap happened as expected, now the question is: How soon will the gap be filled?
Technically speaking a hanging man validated by volume and above the Bollinger band suggests a consolidation or pullback ahead. Will Powell seal the deal? let's see, like him or not, he doesn't want to upset his new boss.
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