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Market momentum continues and all-time highs are right around the corner. While the QQQ is overbought, it doesn’t show a signs of slowing down.

The march back to all-time highs continues. As we’ve mentioned, it WILL happen a lot sooner than people might expect. Can easily see ATH by next week.

NASDAQ-100 (QQQ), Nvidia (NVDA) and others have finally pushed into deeply overbought territory signaling a near-term top is around the corner. Intermediate-term points to substantially higher prices though.

The market has spent ALL week consolidating as the QQQ is within a few dimes of its closing price last Friday. There are some risks that have emerged as a result of that. We discuss in today’s Daily Briefing.

QQQ surges to its $493 key line of resistance. A breakout opens a path right up to $500 a share. Nvidia breaks out above its $116 resistance level and reaches mildly overbought conditions.

Fed decision has little bearing on markets today. The QQQ continues to consolidate near $480. Our wait mode continues until we get a decisive move one way or the other. We either need a full breakout above $490 to open up a new range or a breakdown to oversold conditions near $470 to set up reversal.

Market is in the process of continuing its pull-back as expected. Though the selling pressure feels relatively weak and might indicate that we’re in a new full blown intermediate-term rally.