Major Stock Market Indexes Try To Form Double Bottoms

2022.10.06 17:36

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With stock markets in deep decline, traders must stay cautious and adhere to their plans.

At the same time, it is smart to identify potential technical patterns and what-if scenarios to help identify potential trend changes.

Today, we look at a chart 4-pack to identify potential double bottom patterns. 

The stock market indices shown below are the Invesco QQQ Trust (NASDAQ:), , , and .

QQQ, NYSE Composite, Russel 200, Wilshire 4500 Weekly

As you can see, these patterns have A LOT of work. Aggressive traders can only act on potential patterns with tight stops. More importantly, traders/investors should ask, “what will confirm this pattern?” To that end, each of the four indices would need to clear the downtrend lines at each (2).

These downtrends are a critical macro technical level across the four charts. Be safe, and stay tuned.

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