With the QQQ rally extending to a record 130-days — 16-days beyond the precious record — there’s now a huge reversal underway that threatens to end the rally.
Day 130: Massive Reversal Underway Signifying a Potential Top in the Market Read Post »
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Bearish reversal today increases the odds that the QQQ may have topped. At 127-days and with the QQQ struggling to push through the $600’s, the odds are increasing daily.
Rally Day 127: A Decent Chance today is the Peak with Bearish Reversal Underway Read Post »
The QQQ is now deeply overbought on the weekly and daily time-frames. It’s still continued within its ongoing test of $600 with is likely to fail. And at Day 126, it’s a mere 14-sessions shy of melt-up records
Rally Day 126: Overbought & Same Test Continues from Last Week Read Post »
QQQ reversal in play. The rally is now looking very similar to July 2023 and could easily see a sell-off start next week.
While it feels like the rally is going to continue indefinitely, it’s not. The QQQ is going through its final topping stages similar to what we’ve seen at previous century marks.
Rally Day 124: Market Rally in its Final Stages Read Post »
The QQQ still hasn’t made a new high in 7-days. If it does, then the rally extends to 123-sessions. Regardless, very compelling evidence points to a top in the markets within 1-3% of where we are trading right now.
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.
Rally Day 120: Probability of a Second Leg Lower Has Increased With Today’s Reversal Read Post »
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.