Daily Posts & Analysis

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.

Volatility and trading ranges contract as the rally pushes beyond 40-sessions. We’re just 2-weeks shy of reaching the median duration for these types of rallies.

The market is making another push to breakout above key resistance. A breakout here opens a clear path to all-time highs as early as this week.

The near-term has become very decisively murky as both the bulls and bears have failed to take control of the SPY/QQQ. Major attempts at both breakout and breakdown have failed as the indices continues to trade at major support/resistance levels.

The market is pulling back off of its key resistance levels for the second team in the last two-weeks. We now have a potential double-top developing on the QQQ and SPY.

With the QQQ fully reversing course off of what appeared to be a false breakout, we now have significant evidence indicating that $520 represents far stronger resistance than first thought. The risk of correction has also risen in lock step.

The bears have staged their last stand at the $520 level. If the bulls can push through, it paves an open path back to all-time highs at $540 and eventually to $560 a share. If the bear win the day, the QQQ may retreat to fill its gap down at $487.