$QQQ TOP 20

We have a big week ahead and it's mainly down to $NVDA reporting after the close on Weds, it is also the last trading week in August too and we will then enter what is typically a very difficult two months for the market.

This is not a surprise as the market has rebounded very strong since the 5th of August flash sell off, lead my Japans Nikkei 'crash' and weaker than expected guidance from earnings reports, plus Buffets surprise 50% cut in $AAPL......so with all strong moves, there is a balance.

$NVDA need to report a strong earnings and I think they will but what will likely affect the market the most will be information on their Blackwall product, which is potentially delayed, the question will be on whether their existing products can bridge the delayed gap.

Goldman and BofA have come out this weekend to say you should buy $NVDA, hand over fist before earnings, which I find is always a strange statement to make, yes they will likely beat but we cannot guarantee their guidance

On the chart, the price clearly bounced strong on the 200 Day MA and through its 50 Day MA, with a retest of the 50 Day MA this week too and held so far.

This is a bullish trend and if $NVDA report a flawless report and guidance then I believe the $QQQ will at the very least push to the ATH line again at $503.

But will it have the legs right now to push beyond this point after going from $423 to $503?....I suspect not, not without a pull back first and this would be in line with a weak September, so a second retest of the 50 Day MA may come after that

The Mega Caps we discussed this weekend are also showing some momentum is slowing down too.

$CRWD and $CRM also report on the same day as $NVDA and $DELL on Thursday, so it is a big week for the tech sector.