Sam Weiss

We’re now starting to get the very FRIST signs of a full correction bottom in the market. Not just a rebound, but signs of a full bottom and we can see that happen as early as next week.

The entire market filled Monday’s gap and is now trying to claw its way back toward the highs of the week. We should see higher highs within the next 5-sessions.

Market pulling back a bit off of overbought conditions. Should see a second leg up after the pull-back ends. Nvidia is actually already nearing oversold conditions and is setting up for a big trade.

Stocks are finally reaching overbought territory as the rebound off of the lows extends to 9-sessions now. It’s yet unclear whether we’ll see a second leg lower, though evidence strongly points in that direction.

Runaway gap may be underway on the QQQ as the Dow, NASDAQ and S&P all open way above their respective lines of resistance. We need follow through and volume today.

With the QQQ pulling back toward the low $470’s yet again on a third major retest of the lows, it continues the process of consolidation. We see this at the bottom/lows of roughly 30-40% of past corrections. Will discuss today.

The NASDAQ-100 (QQQ) continues to test a critical breakout point at $485 which could lead to a huge surge to $500. Today marks the 6th day of the rebound from the lows.

Fed days have a historical tendency to directly precede a trend shift in the market. This is particularly true after a few fed releases have occurred during the same trend. With the fed set to release its decision on interest rates today, it could mark the start of a snap-back rally.

The market continues to go through its bottoming process as the move off the lows isn’t remotely close to the size and scope of a real rebound just yet. However, market seems set-up to bottom & rally on the fed.