The Long Investor

$QQQ TOP 20

Added 2024-03-24 18:36:11 +0000 UTC

Powell gave the bulls a further lifeline this week and like I have said a number of times today, I believe this only delays the inevitable.

The price remains in this yellow channel, like $AMZN and can continue drifting slightly higher.....I think the Semi sector will continue to be the driver here with the assist possibly from $MSFT and $AMZN.

I will be watching for a retest of the $444 level this week to see if it gets flipped to support, as it has been a resistance line since Feb.

A failure to hold this level may rejuvenate the bears.

For now, I still believe we need to see a firm rejection and losing the 50 Day MA just below the yellow channel, to confirm a reversal to the downside.....and members should consider looking at $SQQQ then only.