As we noted yesterday, the markets were deeply oversold and set-up to retest the highs. Powell indicating interest rate cuts at Jackson Hole is an easy excuse for the market to rally. But the impact will be short lived. Sep correction is as Inevitable as the Sunrise.
The QQQ hourly chart entered into deeply oversold territory yesterday and while we did see a rebound up to $566 to alleviate the pressure, it simply wasn’t enough. We discuss why.
Retest Looking Increasingly Likely Before Correction Goes into Full Flex Read Post »
The rally probably ended at Day 89 as it is looking increasingly likely that a correction is already underway. Worst case, the market undergoes one more retest and then it’s over. QQQ trades between $520 – $530 in September.
Rally Likely Over at Day 89; Correction or Complex Top Now in Play Read Post »
The 5th segmented officially ended today which skyrockets the probability of an imminent correction. We may have already started one or will soon see one after retest. The market is oversold on hourly right now. That can lead to a rebound.
Rally Day 93: 5th Segment Over at -2.3% from the Highs; Correction Risk Skyrockets Read Post »
QQQ has formed a short-term bullish consolidation and is gearing up for a short-term breakout run. But the QQQ is set-up to top out somewhere in the $580-$600 range and likely over the next 10-days.
The QQQ has already pulled back 1% after reaching its highs at $583.32 a share. We explain why this has several big implications for a market top.
Rally Day 91: We have Even More Evidence that We’re Now at a Top in the Market Read Post »
The QQQ stalls out at $580 as it reaches a critical inflection point. There’s a good 90% probability the QQQ peaks between $580 and $600 a share. If it manages to reach $600, history suggests it tops within 1-3 days.
Rally Day 90: QQQ battling $580-Zone Read Post »
The NASDAQ-100 (QQQ) is now on its 5th segment with the rally extending to nearly 6% which is right in line with the size of a late stage segment. The market is within a few percentage points of a HARD top ahead of a 10% correction.
Rally Day 89: 5th Segment Fully Developed; Market Top within 2-3% of Today’s Highs Read Post »
The SPY finally made a slightly new high of only $0.03 indicating that the market is still in its retest phase.
Rally Day 88: Market Still in retest Zone as SPY Finally Makes Incremental New High Read Post »
As the rally approaches record territory, we’re looking to put on a small short trade on the QQQ (5-10%) in anticipation of the next correction.
Rally Day 87: Market Still on Retest As Rally Reaches its Full Maturity Read Post »