Sam Weiss

Bulls & Bears continue to trade sessions. One day we’re up big. The next we’re down big. Eventually that trend will shift and one side will take control. At the moment, the trend is favoring the bulls for the reasons we outlined in yesterday’s session.

While the QQQ is down heavy today indicating a continuation of the high volatility we’ve been seeing, the overall trend is still very bullish. The bears need a lot more selling to push this into a correction.

A lot different things going on in the market today. Analyzing the QQQ to determine if we’re in a new segment or continuing a topping process. Nvidia reaches overbought, but that might not matter. Netflix might be ripe for a trade.

SPY/QQQ/DIA rebounding after 6 consecutive days of selling pressure. A rebound is to be expected. But neither the 6-days of selling was impressive nor is this rebound. So far, the market just seems to be in a funk. It doesn’t want to pull off the bandaid and just finish the correction nor does it seem eager to rally.

The NASDAQ-100 (QQQ), S&P 500 and Dow all continue their topping process but the slower grind is increasing the odds for a double-bottom. We need to see volatility pick up or the correction setup could be substantially delayed.