$QQQ TOP 20
Added 2025-01-12 20:44:12 +0000 UTCThe $QQQ had shown relative strength compared to the $SPY for the last few months, as the price stayed in the rising wedge, above the 1 Fib at $510 and above the 50 Day MA but this was all lost this week and a lower low was made.
So the trend right now is in favour of the bears unfortunately and the bulls must step in this week to stop this momentum to the downside because the next target will be the 200 Day MA at $477 next and this fall will certainly be felt across the Tech Sector.
$NVDA and $TSM will be important here, $TSM report their earnings on Thursday before the market opens too and the chart was uploaded today, it is worth studying.
Right now, this does have my attention and I would be lying if I said it doesn't concern me and a sharp drop is possible.
But bulls must start the week strong, if CPI comes in cooler than expected this will certainly help the situation, coupled with healthy earnings reports.....a lot to ask but this is needed now.
