Last month was the best month for the stock market since 2020 & we milked every cent of it, and then some, by reversing long off the June 16th low. Now let’s see if we can add to those gains by shorting the next downtrend. QQQ potential pullback targets remain the same as posted on Friday (with QQQ still trading at that same level in pre-market) with a current max. price target of the uptrend line. Updated 60-minute chart below.
QQQ 60m Aug 1st
Last week, I stated my preference to sit tight & give my /CL (crude futures) short trade a little room on the stops as it appeared that the breakout above the 60-minute would likely fail. So far, that’s been the case so I’ve marked up some longer-term swing/trend targets on the 18-month daily chart of /CL crude futures. 60-minute & daily charts below with crude offering another objective short entry or add-on here on this bounce back to test the primary downtrend line from below.
CL 60m Aug 1st
CL daily Aug 1st