Basic

We have a mixed bag today for both NVDA and the QQQ.

The QQQ pull-back has reached 3.4% which is exactly in-line with the historical trend. But with Nvidia reporting earnings today, the overall trend is at risk.

The NASDAQ-100 has formed a pretty substantial bull-flag on the hourly charts and is ready to breakout on the back of Nvidia (NVDA) earnings.

Covering intraday news, technicals and other highlights of the trading session for Monday, Aug 26, 2024.

The market was trading at extremely overbought conditions and was due for a near-term pull-back. We’re seeing that play-out right now. But how long will it last?

We’ve only just begun a new rally in the stock market. During this recent secular bull market that began in January 2023, each rally has been significantly longer than usual. We’re only at day 12 of a rally that should last 40-70 days or longer.

With the markets having gone on the rip-your-face-off rally we predicted back on August 5, we’re now getting very close to a near-term top across the board. Sometime this week, we’re likely to see a sharp and short-lived pull-back in the NASDAQ-100 (QQQ), the S&P 500 (SPY), Nvidia (NVDA), Apple (AAPL) and the rest.

The NASDAQ-100 (QQQ) has bottomed out today on a high volume, fear-driven, extreme $VIX oversold sell-off. We’ve seen days like this over and over and over again in high volatility corrections and they almost always mean the market has bottomed.

As I mentioned about a week ago, NVDA will soon begin a monster rally up to $150 a share. Nothing has changed. Not one bit. As I mentioned last week, there was every possibility of NVDA going all the way down to $90 a share even. But that won’t change the fact that once the correction ends, a monster rally of epic proportions will begin.