$QQQ TOP 20
Added 2024-07-17 19:26:08 +0000 UTCNo changes to this chart that we uploaded at the weekend
We can see clearly here that the price action has fallen right down to the 200 MA on the 1HR Chart
There has been excessive selling in the Tech sector right now, lead by the Semi leader $NVDA....only a couple of weeks after stock splitting, which we indicated at the time is a sign of topping out.
There is also a potential for market makers to deliberately pull back the market to present more value for when the Mega Caps and big players start reporting their earnings, $NFLX reports this week and $TSLA will be up next week with $LLY.
By pulling back now, they will have shaken out some weak hands and if the Mega Caps report strong earnings, they will likely get their last leg up and exit liquidity before the market pulls back.
I still expect a Rate Cut in Sept, in spite of Dimon and Trumps comments today.
They fired some warning shots because the market believes that this will happen in Sept.
A Fed Rate Cut could initiate a sell off in the market as the market can not continue to very aggressive run for much longer.
