$QQQ TOP 20
Added 2024-07-31 17:58:18 +0000 UTCEnormous bounce by the $QQQ today, it was pulled down by $NVDA yesterday which trigger widespread selling and dragged back up today.....remarkable considering $NVDA is not reporting until later on in August.
A retest of the 50 Day MA was always going to be needed to confirm the direction and the price action is moving up to this level now at $473, which is the 1.27 Fib, so no changes to the chart commentary from last weekend.
$SPY has done extremely well holding above its own 50 Day MA and it lost this level twice over the last week but recaptured it almost immediately, so bulls and bears were battling but bulls have been winning the $SPY war.
$META reports later and again I do not expect a dividend increased or a share buyback, I do expect them to beat their earnings but the devil will be in the detail.
$MSFT managed to brush off almost all of the After Hours decline yesterday today
In the meantime, we need to wait for Powell to give us a decision on Interest Rates.
