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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.

The fed this week is likely to market a major turning point for the market. Notice the last two longest rallies both ended THIS very week. The second longest ended today and the longest ended on Thursday.

SPY deeply overbought on the hourly. QQQ marginally overbought. Market probably peaks next week on high expected rate cut.