Sam Weiss

There’s a possibility that we may be nearing the end of a segment. More likely, however, is the markets have merely reached overbought territory and are now pulling back slightly ahead of a second leg higher. Time-wise, we’re only 8-days into the first segment which should go for 12ish sessions.

We got a lot going on today. The QQQ has made new highs above the previous peak at $527. The SPY is now at fresh ALL-TIME highs. Nvidia pushes overbought on the hourly and might soon see another large pull-back.

The big feature today is Apple’s stock which has reached oversold conditions on the daily chart thanks to analyst comments. Why the stock is both a trading and investment opportunity.

Another big gap today indicates the market is likely to pull back to fill both gaps. We have two large back-to-back gaps now without strong intraday follow through. Chances are they get filled within the next week or so.

While near-term the action is starting to indicate another leg lower may be on the horizon, chances are whatever leg down we have ahead of us will be the last bit of selling before a major multi-month rally begin.