As the NASDAQ-100 (QQQ) continues what could be its final leg higher ahead of the next normal 10-14% correction, we discuss the relevant factors on when that correction is likely to occur.
A close look at when the market might begin its next correction & why Read Post »
NASDAQ has now definitively shifted away from choppy trade to the typical high momentum trading action we generally see in segmented rallies. It increases visibility.
major momentum surge last two days Makes the short & intermediate-term more predictable Read Post »
With S&P, Dow and NASDAQ all push into overbought territory on the hourly, all three are likely to see a sharp pull-back soon.
market headed for a near-term pull-back off of overbought conditions Read Post »
Updated the current outlook to reflect our short, intermediate and long-term forecast on the market. As we noted on Friday, we expect the market to pull back near-term. Intermediate-term, we’re not far from seeing a correction. It’ll likely happen by mid-January.
SPY pushes slightly overbought as breaks through $600. QQQ returning back toward its highs for the week and NVDA rebounding off of oversold conditions. But none of the moves are big enough at the moment to indicate continuation of forward momentum.
Daily Briefing: QQQ rebounds to week’s highs but still in a short-term negative set-up Read Post »
NASDAQ-100 (QQQ) rolling over back down toward $500 could set-up another short-term trade in Targaryen. Nvidia (NVDA) also getting very close to a buying opportunity for the near-term.
The NASDAQ-100 continues its indecisive trade. SPY up 7th day in a row as it reaches key $600 resistance. Nvidia consolidates at oversold conditions indicating more short-term selling ahead.
Market up 7th day in a row but held Back by major resistance & choppy trade Read Post »
NASDAQ-100 (QQQ) extends its rebound to 3.4% as the S&P 500 battles with the 6,000 level once again. Nvidia (NVDA) reaches oversold territory despite blowout earnings last week.
Indecision in the hourly chart on the SPY, QQQ and Dow all point to a second leg lower in the broad market. Trend and other data says otherwise. We’ll discuss our outlook and how we plan to trade it.
Weekly Roundup: Will the market see a second leg lower? Read Post »
Near-term, the market is looking like it’s on shaky ground and that we could see a second leg lower by early next week. Overall, however, it doesn’t appear like we’ll be seeing any sort of serious correction.