I think so & someone here mentioned that IGV is another software ETF that’s more actively traded. IGV is likely to at least backtest the recently broken downtrend line if & as long as QQQ remains above the key 589 & 200-day MA support. Big emphasis on the “if & as long as…” part, as any decent rally in the software stocks is largest conditional on the stock market not taking a big dive down below the trading range. Here’s the daily chart.

TPR short should start rocking under 149.40.

Thx for sharing that. We all know POTUS likes to correlate the stock market (only when rising, of course) as a testament to the success of his policies. As such, I believe the man will stop at nothing, including & not limited to releasing the SPR to offset the spike in crude from the Iran situation, just as he will call for a ban on short-selling once the stock market has fallen substantially into bear market territory.

Tough call for me at this time. On one hand, WEAT & /ZW (ETN & futures) just put in divergent highs on the 60 & 120m intraday charts, which typically lead to deeper corrections. On the other hand, (and the over-riding factor, IMO), the longer-term charts are still very constructive, especially with $WHEAT finally starting to clearly rally off that long-term uptrend line I’ve been highlighting.

As such, while I can’t say with a very high degree of confidence, I do think this pullback to the uptrend lines on the 60 & 120m charts below provides an objective add-on to a long-term position in wheat (assuming one still has room to add).