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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.

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.

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.

Nvidia delivered an excellent report across the board which reinforces our expectation for $160-$170 early next year. The market action today is very deceptive and we’re likely to see a run soon. QQQ nearing the end of its consolidation and will make a decisive move soon.

Market pulling back a bit after the $10 bounce off of last Friday’s lows. So far the market is trading exactly as expected. Nvidia’s earnings today could very easily determine market’s next big direction.

The NASDAQ-100 (QQQ) pushes nearly oversold again on a small $3.00 pull-back this AM signaling a double-oversold scenario. This lowers correction risk somewhat.

With a sharp rebound expected early this week after last week’s heavy sell-off, we’re looking to make a wide variety of different trades across our portfolios.