Segment reaches 24-sessions on Friday, as percentage returns for the entire month of July barely exceeds 2%. We continue to wait patiently for the market to reach an intermediate-term peak.
Rally Day 76: QQQ on Longest Near-Term Rally Without a 2% Pull-Back Read Post »
The current QQQ segmented rally has officially extended to 23-days now. That’s 1 day shy of the record. Gains are in-line with other segments. Overall, very close to a peak based on historical trends.
Rally Day 75: Segment Reaches Day 23 which is One Day Shy of Modern Record Read Post »
While the QQQ pulled back sharply to begin yesterday’s session, we’ve seen no follow through whatsoever. If new highs are made, Segment stands at 22-days.
Rally Day 74: Near-Term Top Still Uncertain as QQQ/SPY Trade Sideways Read Post »
As the Segmented rally extended to day 20, some volatility has finally entered into the market. Time will tell whether we’ll get follow through and begin a near-term pull-back of 3-4%.
Rally Day 73: Market Pull Back Could be Underway; Nvidia ALREADY oversold Hourly Read Post »
The SPY & QQQ having been rallying non-stop for 19-sessions without a pull-back. The record during this bull market is 24-sessions. This is evidence that we should see a peak this week.
The QQQ segment rally is now in-line with the typical range at a peak. At 7.85%, it falls within that 8-10% range indicating a pull-back is likely to start next week.
Rally Day 71: Segment on QQQ Extends to 7.85% Hinting at a Peak Next Week Read Post »
We review some of the main arguments in support of the conclusion that the market is likely to experience a correction between end of July and August, and our strategy as a result.
Rally Day 70: Strategy in the Home Stretch (10-Days until Topping-Zone) Read Post »
Market rally has been marred by indecision candlesticks. The segmented rally looks to be drawing to an end and the end of July is still on schedule for a likely peak in the rally. Nothing has changed.
News that Nvidia will soon resume sales of its H20 AI GPU to China has pushed the stock to our $170 price target, and the QQQ segment has extended to $560 a share.
The market is forming a near-term bullish consolidation pointing toward a small near-term breakout this week. Yet, the end result will be a top in the market by July’s end.
Rally Day 68: Market Consolidation Continues as the Rally Bleeds off Time Read Post »