The Long Investor

$QQQ TOP 20

Added 2024-07-25 18:13:11 +0000 UTC

The Tech sector is not behaving as strong as the S&P today and is still below its 50 Day MA and does not look set on testing this level from below today, there is still time to do this tomorrow or even early next week.

The $SPY broke below its 50 Day MA today, bounced almost immediately and looks set to test the 50 Day MA from above right now.....this has been a whirlwind day for the markets.

For now, we need to see the $QQQ move back up to the 50 Day MA which is conveniently at its 1.27 Fib level at $473 right now, I want to see a test of this level for the market to tell me if this is a resistance level or if it can be recaptured.

Until then, there is still risk associated with Tech.

Mega Cap earnings continue into next week so there is no way to say that this drama is over, there is a long list of reasons why the market broke down this week, from the assassination attempt, to Biden stepping down, Kamala stepping in, Vance getting the nod....which is a political nitemare right now, no wonder the market is having a difficult time trying to figure out its direction, it is a mess in the US.

So no rush into buying positions here, this drop has been more severe than in April and we've had two very aggressive days, something is fueling this concern and it's right in the middle of earnings season.

Powell also needs to make a decision this week on whether to Rate Cut or not.

Just because we have cash in our accounts, it doesn't mean we need to Buy.

We can find opportunities almost every day, this much I promise you.