August 6, 2024

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

Carry Trade Unwind Not Over

Please click here for a chart of Nasdaq 100 ETF (QQQ).

Note the following:

• The chart shows that QQQ gapped down and opened yesterday below the support/resistance zone.
• The chart shows the dip was bought.
• The chart shows QQQ is now in the support/resistance zone.
• The chart shows that drop yesterday occurred on higher volume.  This indicates conviction in selling.
• The chart shows there is buying this morning.
• There are ten different indications that combine together to show a capitulation.