The Long Investor

$QQQ TOP 20

Added 2024-08-11 19:01:28 +0000 UTC

A bear flag has formed since bouncing on the 200 Day MA, so it will be interesting to see how the $QQQ performs this week as important economic data comes in, such as PPI and CPI.

Both of these prints will influence the market and the big one we are waiting for is $NVDA's earnings on the 28th of August, all of the regular Semi companies we upload have been destroyed post earnings and if $NVDA misses (which I don't expect them to) or gives a less than average guide then this may put more pressure on the sector.

Another retest of its 200 Day MA is still possible here at $431 before a bounce can come and test its 50 Day MA at $470 which would potentially be Wave B.

There are a number of variables at play this week so I suggest focusing on individual companies, especially those that have completed their Wave C pull backs from our charts.

$AMD, $SHOP, $PLTR....$BABA also reports this week too on Thursday, they continue to look strong and we have spoken about where to add next.