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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.

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.

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%.

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.

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.

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.

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