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NASDAQ-100 (QQQ) is doing precisely what we’d expect it to do upon reaching an 85-RSI on the hourly. Nvidia is one step closer to fulfilling that head & shoulders top set-up we mentioned a few days ago.

As the NASDAQ-100 (QQQ) continues what could be its final leg higher ahead of the next normal 10-14% correction, we discuss the relevant factors on when that correction is likely to occur.

NASDAQ has now definitively shifted away from choppy trade to the typical high momentum trading action we generally see in segmented rallies. It increases visibility.

With S&P, Dow and NASDAQ all push into overbought territory on the hourly, all three are likely to see a sharp pull-back soon.

SPY pushes slightly overbought as breaks through $600. QQQ returning back toward its highs for the week and NVDA rebounding off of oversold conditions. But none of the moves are big enough at the moment to indicate continuation of forward momentum.

NASDAQ-100 (QQQ) rolling over back down toward $500 could set-up another short-term trade in Targaryen. Nvidia (NVDA) also getting very close to a buying opportunity for the near-term.

The NASDAQ-100 continues its indecisive trade. SPY up 7th day in a row as it reaches key $600 resistance. Nvidia consolidates at oversold conditions indicating more short-term selling ahead.