$QQQ

I added a long commentary to the $SPY chart so I have added in the Economic Calendar here for the week ahead.

I think we all know the significance of the FOMC meeting on the 17th and 18th, the market has been waiting for a Fed Pivot for 2 years now.

$QQQ chart, which is remarkably similar to the $NVDA chart and is still in its wedge and tested the upper limits to finish the week

Wave B can still go as high as the previous ATH at $503 but I have situated it at the amber 0.78 Fib

The $SPY chart still looks move bullish than the $QQQ right now, as the $QQQ is really at the mercy of the Semi and AI tech heavy companies right now that have shown a lot of volatility.

If the $QQQ can break higher and get to its previous ATH and hold above $503, the Melt Up scenario is on here too, any rejection between now and then can cause Wave C to be triggered.

Big week ahead.

Economic Calendar this week:

Monday, September 16th:

• No major data releases

Tuesday, September 17th:

• Housing Starts and Building Permits (August): These indicators provide insights into the health of the housing market. Increases in starts and permits generally signal a growing economy, while declines can point to weakness.

• Industrial Production and Capacity Utilization (August): These measures track the output of US factories, mines, and utilities. Increases suggest economic growth, while declines may signal a slowdown.

Wednesday, September 18th:

• Existing Home Sales (August): This report provides information on the number of previously owned homes sold during the month. A strong reading indicates a healthy housing market, while a weak one may suggest cooling demand.

• Federal Open Market Committee (FOMC) Meeting Announcement: The Fed will announce its decision on interest rates after a two-day meeting. The market will closely watch for any changes in the Fed's policy stance and its outlook for the economy.

Thursday, September 19th:

• Philadelphia Fed Manufacturing Index (September): This regional manufacturing survey offers insights into the health of the manufacturing sector in the Philadelphia area. A positive reading suggests expansion, while a negative one indicates contraction.

• Initial Jobless Claims: This weekly report provides the number of people filing for unemployment benefits for the first time. A decline in claims is generally seen as a sign of a strengthening labor market.

• Conference Board Leading Economic Index (August): This composite index is designed to signal future economic activity. An increase suggests continued growth, while a decline may indicate a potential slowdown.

Friday, September 20th:

• No major data releases

Impact:

These economic data releases, particularly the FOMC meeting and the housing market indicators, can significantly impact financial markets. Positive readings generally lead to optimism and can boost stock prices, while weaker-than-expected data can trigger concerns and lead to market declines.