Pro

Today’s reversal on the QQQ further adds to the weight of evidence that a pull-back of 3-4% is imminent for tech stocks.

NASDAQ-100 (QQQ) trading action highly supports our Current Outlook which calls for the QQQ to sustain a 3-4% pull-back after reaching a $530 peak. Nvidia (NVDA) in danger of briefly losing the $130 level on the next pull-back.

NASDAQ-100 (QQQ) rallies extends to 7.11% which is far more in-line with the typical range for a segmented rally. Today we discuss the main reasons for why the QQQ is likely to peak right around these levels with a few risk factors worth mentioning.

NASDAQ-100 (QQQ) has fallen under a 70-RSI and is now set-up for an imminent near-term sell-off. Nvidia (NVDA) nearing oversold conditions and may soon set-up for a long trade. It will depend on how quickly the QQQ catches up.

NASDAQ-100 (QQQ) is doing precisely what we’d expect it to do upon reaching an 85-RSI on the hourly. Nvidia is one step closer to fulfilling that head & shoulders top set-up we mentioned a few days ago.

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.

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.

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.