$QQQ TOP 20
Added 2024-07-14 18:11:07 +0000 UTCTech took a large hit on Thursday as there was strong rotation out of Mega Cap Tech stocks into more undervalued positions, especially into Small Caps, $QQQ dropped -2% post CPI print and we also saw a strong movement into Chinese Tech stocks too...$BIDU, $BABA and $PDD being the big winners.
RSI has now dropped down from a peak of 82 down to 69 within 2 days after this drop.
The pull back was strong but again not breakout of the structure yet as there was a rally leading up to the CPI print too, with a very strong day on Weds.
The 1.618 Fib at $508 is still an easy possibility before any pull back and could even go higher as we get into the depths of the earnings season.
$TSM this will be a big one for us to observe for the $QQQ as they work with a lot of the Mega Caps in the US, so a strong report here, will reflect well on the rest of the companies they supply.
Current holders do not need to do anything right now but observe, I would not reduce my positions until a clear rejection of a resistance level and we have not seen that yet.
Let's enjoy the week and as the earning season starts heating up, lets maintain our discipline and not get pulled into any market games....I don't play the earnings game either, I buy support confirmations and strong companies.
