Sam Weiss

While the QQQ pulled back sharply to begin yesterday’s session, we’ve seen no follow through whatsoever. If new highs are made, Segment stands at 22-days.

As the Segmented rally extended to day 20, some volatility has finally entered into the market. Time will tell whether we’ll get follow through and begin a near-term pull-back of 3-4%.

The QQQ segment rally is now in-line with the typical range at a peak. At 7.85%, it falls within that 8-10% range indicating a pull-back is likely to start next week.

We review some of the main arguments in support of the conclusion that the market is likely to experience a correction between end of July and August, and our strategy as a result.

Market rally has been marred by indecision candlesticks. The segmented rally looks to be drawing to an end and the end of July is still on schedule for a likely peak in the rally. Nothing has changed.

The market is forming a near-term bullish consolidation pointing toward a small near-term breakout this week. Yet, the end result will be a top in the market by July’s end.

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Both seasonality and the current segment point toward a top coming toward the end of July. Nothing we’re seeing right now says otherwise.