The Long Investor

$QQQ TOP 20

Added 2025-02-02 19:56:10 +0000 UTC

I think $BTC is showing us a glimpse of what we can expect from the $QQQ and $SPY early into this week before the important earnings reports come out.

It is also another opportunity for market makers to raid concerned hands

Overall, going through our Top 20 list today, I am not seeing big concerns, apart from $MSFT below its 50 and 200 Day MA and also $NVDA struggling now on this pull back....but there are still many positions just showing a standard pull back to important support levels...this is expected during every earnings season too.

I think it is likely that we see at the very least a pull back to the 50 Day MA and $517 here or to the 0.618 Fib at $512 which would be a retest of the bullish channel that was broken out of on the 20th of Jan when Trump was sworn in.

Only if there was a lower low below $500 would I be concerned for this Wave 5 breaking down and go as low as the 200 Day MA at $485.

I expect the majority of the Mega Caps to beat this season but we must continue to pay attention to their guidance an Capex plans for the year.