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.
Correction Day 22: QQQ $485 Major Line of Resistance; Breakout Leads Straight to $500 Read Post »
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.
Correction Day 21: History Suggests Fed Day Could Lead to an extended Rally in Market Read Post »
Market setting up to retest the lows ahead of the fed and likely bottoms this week.
Correction day 20: Retest of the Lows Ahead of the Fed Read Post »
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.
Correction Day 19: Market Continues Bottoming Process as it Reaches Last Monday’s Gap Read Post »
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The broad market indices are retesting lows after Tuesday-Wednesday rally. Some signs point to a bottoming process having started.
Correction Day 17: QQQ & SPY go Through Retest of the Lows & Bottoming Attempt Read Post »
Market gaps-up off of a cool inflation report. It’s possible that a 50% retracement rebound may have gotten started. The QQQ will need to close Monday’s gap minimum for this to count as anything substantial.
Correction Day 16: Market Gaps Up Off Oversold Daily; Soft Inflation Report Read Post »
As the QQQ enters its 3rd day of oversold conditions, it looks to form a bottom near the $470 area ahead of a likely rally to $505 a share in the coming weeks.
Markets pause Ahead of Inflation Data Later in the week; 3rd Session of Oversold Daily Read Post »
If the market pulls back toward Friday’s lows at any point this week, we’ll be deploying our remaining 30% cash on the sidelines as we expect the market to rally soon.