Sam Weiss

The QQQ reaches two major inflection points. Record rally duration together with $600 a share. Both point to the market finally topping. The QQQ has never reached a new century mark without topping.

After today, there won’t be many catalysts. The market is far overdue for correction. What’s more, Fed day has a historical tendency to be a pivot point at both highs and lows in the market.

With the QQQ & SPY making new highs today, the rally is officially the 2nd longest rally on record and the third strongest compared to covid and the dot-com rally.

The fed this week is likely to market a major turning point for the market. Notice the last two longest rallies both ended THIS very week. The second longest ended today and the longest ended on Thursday.

SPY deeply overbought on the hourly. QQQ marginally overbought. Market probably peaks next week on high expected rate cut.

A lot of key things happening today. First, the QQQ made new highs today for the first time in 19-trading days. It’s very slight, but technically that extends the rally to 108 days. Nvidia and other Ai stocks up big on Oracle’s earnings regarding Ai server growth. But that will be short-lived.

Consolidation leg up is coming to an end. The market gearing up to begin another leg down. We’ll see if that kicks off the actual correction. We’re looking to reposition some of our near-term Nvidia positions.

As the market continues to consolidate, it becomes increasingly likely that we’re headed for a larger correction when all is said and done. 106 days in is a mere 9-sessions shy of the record duration rally.

Markets reverse off of overbought territory in the AM indicating that we’re in a clear-cut advanced consolidation now.