$QQQ TOP 20
Added 2024-04-07 11:31:59 +0000 UTC$QQQ and $SPY are behaving very similarly now....both are struggling to hold above their respective support levels and the Fib levels are behaving like resistance levels now.
$QQQ finished the week just resting on the 50 Day MA, with a test of this level twice.
A loss of this level would be significant as the $QQQ has not lost the 50 Day MA since October '23....and we all remember how difficult Wave 4 was for many.
Earnings kick off this week too, starting mainly with the large banks...so they will influence the market...but they have reported strong earnings for the last couple of reports, I do not expect this to change this week.
The big variable this week will be the CPI print, Powell does not need it to be hot, it needs to come in at estimates or lower and he is in a better situation to determine when he can reduce rates....hopefully by this summer.
CPI coming in hot will most definitely cause the $QQQ to lose its 50 Day MA which is a big warning to the market.
This chart has been in place for some time now and we have not changed it....and this is where we are showing Wave 5 completes, so we would not be surprised in the slightest to see Wave A start now.
