The never ending road to a market top continues as the rally has now extended to 104 days on the SPY. That’s 7-days shy of a 15-year record for high vol rallies.
Consolidation Day 25: QQQ/SPY Reaching Overbought Territory Soon Read Post »
The market is rebounding off of oversold territory as we outlined in yesterday’s session. Obviously, positive news out of Google helped fuel a part of that run. But the oversold bounce was inevitable. There are only two for the market to trade when it reaches deeply oversold territory.
Consolidation Day 24: Oversold bounce on the Weaker side Compared to Recent Pull-backs Read Post »
The QQQ is oversold, but getting very close to entering a correction. We need to see the QQQ close out the day near $555 for this to be the start of a correction. Otherwise, more consolidation ahead.
Market was overbought and due for a pull-back. Here’s the pull-back on target as we outlined. The PCE numbers came in slightly hot, but the net impact was positive on CME indicating traders feel Sep rate cut was more likely after PCE.
As the rally reaches Day 100, the SPY/QQQ close in on overbought conditions. An early September start to the correction still looks likely.
Rally Day 100: Evidence SPY & QQQ on its Very Last Legs as it Nears Hourly Overbought Read Post »
Nvidia’s earnings is the last real catalyst before the fed meeting in mid-September. There’s a good chance we peak within the next 5-7 days regardless of how Nvidia’s earnings play out. Up/Down we still top soon.
The rally has now extended to week 21. This is a significant indication for a peak as week 20-22 is the most common place for market rallies to end. This includes consolidations.
Rally Extends to 21-Weeks Which is In-Line With Previous Topping Zones Read Post »
Nothing has changed from Friday or from most of last week. The market sustained a 4% pull-back, reached deeply oversold conditions and is on retest of the highs. Same as Nvidia.
Market & Nvidia Still on Retest of the Highs; September Correction Still Inevitable Read Post »
As we noted yesterday, the markets were deeply oversold and set-up to retest the highs. Powell indicating interest rate cuts at Jackson Hole is an easy excuse for the market to rally. But the impact will be short lived. Sep correction is as Inevitable as the Sunrise.
The QQQ hourly chart entered into deeply oversold territory yesterday and while we did see a rebound up to $566 to alleviate the pressure, it simply wasn’t enough. We discuss why.
Retest Looking Increasingly Likely Before Correction Goes into Full Flex Read Post »