The Long Investor

$QQQ TOP 20

Added 2024-08-04 19:14:37 +0000 UTC

$QQQ got the retest of the 50 Day MA from below on Thursday after a relief bounce came and once the price hit this level, it rejected hard as some economic data was released and when $AMZN reported on Thursday after the close and it was a miss, the market reacted accordingly and flushed down heavy, marking one of the weakest weeks for the market since the covid crash in 2020.

Remarkably, there are no changes to this chart for the last 2 weeks, there is nothing to report that we have not been ready for.

We assumed two weeks ago that the selling pressure would be too heavy and once we got the retest of the 50 Day MA from below, which we wanted to see, the price pulled back further.

I think a test of the 200 Day MA at $430 will likely come this week or next, this sell off has been very fast.

The 0.38 Fib is also at $408, which was the previous bull markets high too, which also makes this a confluence level, so I suspect support will come on the 200 Day MA or $408 before we get to see a bounce for Wave B.

I have received countless amounts of emails from members to say they are thankful of our charts and that they saved 10's of thousands by going to cash and holding money in safe havens over the last few weeks and I am delighted to hear this, we did the same and of course I document this all in our Buy and Sell chat group.

Let's continue to manage this storm.