$QQQ TOP 20
Added 2024-04-28 19:11:39 +0000 UTCOn the $MSFT chart I said how heavily correlated the $QQQ, $SPY and $MSFT charts are and I have added in the red 0.618 Fib on each chart and this is a very important level, along with the 50 Day MA.
As you can see on the $QQQ above, I have also added this 0.618 red line in August '23 to show how the price action behaved then around the 50 Day MA and the 0.618 Fib, the price struggled to get above this level and never held above.
So this is what I will be watching for.
We have now identified a strong confluence level so this is important....it is a strong resistance/support level, so a rejection or converting it to support will be a big statement.
I am clearly showing where I believe the market is going because I made this chart over 7 months ago and it has not changed....before there was any question of resistance or support levels needing to be tested so I will be sticking to my projection unless things change.
I rarely get influenced by any opinions because I work hard to determine my own hypothesis and if it does work out, great and if it doesn't we will assess what went wrong and learn from it
But nobody knows exactly what will happen here, we can only manage our risk to this uncertainty.
And right now I have managed by risk by staying majority in cash and only holding stocks that should perform well during a correction.
