$QQQ TOP 20
Added 2024-10-06 11:10:23 +0000 UTC$QQQ continues to lag behind the $SPY and is still searching for that test of its previous ATH level at $503
So far we have one rejection at the 0.78 Amber Fib level at $494 but this is just one test and a another attempt can be made.
I have mentioned this a number of times now and I believe a lot of it comes down to how $NVDA behaves in its wedge, a breakout at $126 and the $QQQ will almost certainly test its ATH line
The one variable we need to watch for is how $MSFT behaves as it tests its 200 Day MA and does look weak
So we have an old Mega Cap dog against the new the challenger for the top crown to decide which way the market will go next.
Earnings season starts to heat up this week with banks reporting on Friday, so this season will likely influence the Mega Caps again, as they did from the last earnings season where we saw some significant selling but with strong bounces that followed.
If the $QQQ can hold above its ATH line before earnings season is in full swing, then the market believes the Tech Sector is still healthy and expect strong earnings to continue.
