The Long Investor

$QQQ TOP 20

Added 2024-07-28 19:27:03 +0000 UTC

$QQQ drifted away from the $SPY this week, it did not recapture the 50 Day MA or test it from below, it simply had a slight relief bounce to end the week on Friday.......as we enter a very big week for economic data reports and more Mega Cap earnings:

Monday- $MCD

Tuesday - $AMD, $MSFT, $SOFI, $PFE, $PYPL, $PG, $JBLU, $SBUX. JOLTS

Wednesday-FOMC, $META, $BA, $MA, $LRCX, $RIOT, $ARM, $QCOM

Thursday - $AMZN, $AAPL, $MRNA, $CROX, $INTC, $COIN, $DKNG, $SQ, $BKNG, $SIRI, $COIN, $MELI

Friday - JOBS, $XOM, $CVX

The 50 Day MA is at the 1.27 Fib right now at $473, we need to see a retest of this level, a retest will tell us all we need to know above the markets direction.

The Semi sector is showing the largest weakness right now, led by $NVDA but I am concerned about $AAPL's earnings, the price has run very strong there over the last 3 months and still has some way to go to test its 50 Day MA, so it may decline further if there is not something extraordinary from $AAPLs report

$AMZN is also showing a rejection at its 50 Day MA and a lower low, these big players have enormous influence on this ETF and the $QQQ only needs these 3 names to decline further to stop it from recapturing the 50 Day MA.

$QQQ will be the key to where the overall market will go, if the Mega Caps sink, they will bring down the market.