A lot of key things happening today. First, the QQQ made new highs today for the first time in 19-trading days. It’s very slight, but technically that extends the rally to 108 days. Nvidia and other Ai stocks up big on Oracle’s earnings regarding Ai server growth. But that will be short-lived.
Consolidation leg up is coming to an end. The market gearing up to begin another leg down. We’ll see if that kicks off the actual correction. We’re looking to reposition some of our near-term Nvidia positions.
Market Nearing the Top of the Consolidation Range Read Post »
As the market continues to consolidate, it becomes increasingly likely that we’re headed for a larger correction when all is said and done. 106 days in is a mere 9-sessions shy of the record duration rally.
Markets reverse off of overbought territory in the AM indicating that we’re in a clear-cut advanced consolidation now.
Consolidation Day 25 (Rally 105): Market Peaks RIGHT AT Overbought Territory…AGAIN Read Post »
The never ending road to a market top continues as the rally has now extended to 104 days on the SPY. That’s 7-days shy of a 15-year record for high vol rallies.
Consolidation Day 25: QQQ/SPY Reaching Overbought Territory Soon Read Post »
The market is rebounding off of oversold territory as we outlined in yesterday’s session. Obviously, positive news out of Google helped fuel a part of that run. But the oversold bounce was inevitable. There are only two for the market to trade when it reaches deeply oversold territory.
Consolidation Day 24: Oversold bounce on the Weaker side Compared to Recent Pull-backs Read Post »
The QQQ is oversold, but getting very close to entering a correction. We need to see the QQQ close out the day near $555 for this to be the start of a correction. Otherwise, more consolidation ahead.
Market was overbought and due for a pull-back. Here’s the pull-back on target as we outlined. The PCE numbers came in slightly hot, but the net impact was positive on CME indicating traders feel Sep rate cut was more likely after PCE.
As the rally reaches Day 100, the SPY/QQQ close in on overbought conditions. An early September start to the correction still looks likely.
Rally Day 100: Evidence SPY & QQQ on its Very Last Legs as it Nears Hourly Overbought Read Post »
Nvidia’s earnings is the last real catalyst before the fed meeting in mid-September. There’s a good chance we peak within the next 5-7 days regardless of how Nvidia’s earnings play out. Up/Down we still top soon.