The Long Investor

$QQQ TOP 20

Added 2024-05-19 19:08:23 +0000 UTC

$QQQ and $SPY are still in perfect sync right now, as the Mega Caps continue to gain influence as their share prices move higher.

The commentary is almost identical to $SPY too, the ABC correction has been moved sideways and looking to end at the start of Q2 next year, as the market continues to push higher and 'melt up'

I also expect a retest of important support levels this week and again the $NVDA earnings may be the catalyst for this, a retest of the $444 level or the 50 Day MA at $437 would be prime targets to test support before moving higher.

We remain invested in the a number of strong positions in the market but the primary goal will be to build cash over the next few months and really benefit from a strong correction to follow.

I have no positions right now that are giving me any concerns and I am not looking at reducing any positions either, in fact I am having some difficulty curtailing any position, to add to others right now, as all of them are moving in the right direction.

Not a bad situation to be in but like I said under the $SHOP chart, I will only dip into my Cash reserve if it means buying a stock that has completed its ABC correction.

Let's have a good week and enjoy the process.