The Long Investor

$QQQ TOP 20

Added 2024-12-22 20:06:18 +0000 UTC

$QQQ had a notable stronger week compared to the $SPY and that is likely down to the strong run up leading up to this week, where the price had broken out above the rising wedge in a very bullish move

As Weds unfolded, the price dropped hard and even broke down underneath the rising wedge but managed to hold support on the 1 Fib at $510 and did not test the 50 Day MA....unlike the $SPY, which did lose its 50 Day MA on Weds and Thursday.

Price is now back into this rising wedge and as long as the price can stay in this wedge, a melt up scenario can still unfold next.

I think if the $QQQ and $SPY start to diverge soon, this will put enormous pressure on this ETF and will likely follow the $SPY, so it is important for us to monitor both the $QQQ and $SPY together to confirm which direction the market will go next.

For now, I am not selling out of any of my tech positions while the $QQQ is in this position.