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QQQ resting $600 as we outlined last Thursday. The market is currently at a higher probability of peaking right here and right now than at any other time in the rally. Looking at pure odds of a top, it’s higher today than in any previous point in time since April.

Today’s intraday pull-back from $596 indicates the QQQ might be forming a bearish consolidation ahead of a second leg lower to $580. We should get an indication of that early next week.

The QQQ sell-off from $603 a share has been very typical short-term selling pressure. Not the type of selling we generally see on correction. Chances are we’re in for a retest of the highs.

The QQQ has pulled back about 9-points from its $603 highs down to $594. But unless this pull-back continues down to the low $580’s, this is just a small inter-segment pull-back and a retest should follow shortly.

The QQQ is taking a breather as it has reached deeply overbought territory and is now due for a short-term 3-4% pull-back. Today represents Day 117 of the rally which is 3-days beyond the previous record.

The QQQ is testing the $600 level in very typical fashion. It’s likely to top here near-term and pull-back a minimum of 4%. With the rally extending to Day 116, that is a new record by 2-session. That’s how overextended the market is right now.

QQQ came within a $1.50 of reaching $600 a share just as it reaches a record duration for high vol rallies. At 115-days long now, we’re at the very end of the raod here.

The QQQ reaches two major inflection points. Record rally duration together with $600 a share. Both point to the market finally topping. The QQQ has never reached a new century mark without topping.

After today, there won’t be many catalysts. The market is far overdue for correction. What’s more, Fed day has a historical tendency to be a pivot point at both highs and lows in the market.

With the QQQ & SPY making new highs today, the rally is officially the 2nd longest rally on record and the third strongest compared to covid and the dot-com rally.