The S&P 500 (SPY) and Nasdaq (QQQ) futures closed under their daily 8 exponential moving average (EMA) last week. This sets us up to see a potential flush down to the 21 EMA.
If we revert to the mean (at the 21 EMA), this would be our first “meaningful” dip in weeks. This could serve as our next opportunity to enter a long position if the markets hold support there.
Bullish sectors like technology and semiconductors came down to earth with the overall market last week. These are the first two spots we’ll be looking to potentially buy this dip, as both QQQ and SMH, the technology and semiconductor futures respectively, continue to look incredibly bullish on a weekly chart. Watch the video above for more details on what we’ll be keeping an eye on this week.
Stay Focused!