Pro

Market has largely brushed off Israel-Iran conflict and seems dead set on testing its all-time highs ahead of late-June or mid-July correction. We’ve also figured out how to play it right.

Even Israel conducting air strike against Iran doesn’t seem to shake the market’s confidence in the rally. The market doesn’t seem ready to pull-back just yet.

NASDAQ-100 comes within a few points of its all time highs as it reaches overbought conditions. Chances are we’ll see a test of those highs in the coming days.

The market continues to consolidate as we reach the median and average number of sessions for an intermediate-term rally. A correction sits right around the corner and likely happens by the end of June or mid-July.

Market has largely recovered after yesterday attempted reversal. As we noted all week, the market seems dead set to test its all-time highs before sustaining any sort of a correction or sharp pull-back. Historical evidence overwhelming confirms this to be the most likely scenario. Fresh all-time highs, surge higher and then correction.

There a strong likelihood that the QQQ reaches all-time highs by early next week. Nvidia sets up for a short trade at $150 in the near-term. At $150, it probably pulls back 20-points.

Volatility and trading ranges contract as the rally pushes beyond 40-sessions. We’re just 2-weeks shy of reaching the median duration for these types of rallies.

The market is making another push to breakout above key resistance. A breakout here opens a clear path to all-time highs as early as this week.