Sam Weiss

There’s not a whole lot of upside left in the market rally that began on April 7. As such, we plan to reduce long exposure slightly to raise cash for the next correction. We’re going to lose out high risk positions.

The NASDAQ-100 (QQQ) hourly has pushed closer to oversold territory as consolidation continues. If we get more selling in the near-term, we could potentially trade the oversold bounce.

Market has largely brushed off Israel-Iran conflict and seems dead set on testing its all-time highs ahead of late-June or mid-July correction. We’ve also figured out how to play it right.

Even Israel conducting air strike against Iran doesn’t seem to shake the market’s confidence in the rally. The market doesn’t seem ready to pull-back just yet.

So far this week has had the tightest trading range of any trading week over the past year. Trading has nearly gridded to a halt. Normally, we should see increased volatility next week.

NASDAQ-100 comes within a few points of its all time highs as it reaches overbought conditions. Chances are we’ll see a test of those highs in the coming days.

Markets continue their slow grind toward all-time highs as trading ranges have contracted to absurdly with levels. The market has gone nowhere in four sessions now.

The market continues to consolidate as we reach the median and average number of sessions for an intermediate-term rally. A correction sits right around the corner and likely happens by the end of June or mid-July.

Market has largely recovered after yesterday attempted reversal. As we noted all week, the market seems dead set to test its all-time highs before sustaining any sort of a correction or sharp pull-back. Historical evidence overwhelming confirms this to be the most likely scenario. Fresh all-time highs, surge higher and then correction.

There a strong likelihood that the QQQ reaches all-time highs by early next week. Nvidia sets up for a short trade at $150 in the near-term. At $150, it probably pulls back 20-points.