$QQQ TOP 20
Added 2024-09-02 19:25:26 +0000 UTCIt is fitting that the $QQQ chart is looking almost identical to the $NVDA chart because this company is in the driving seat here
And a lot of the Mega Cap companies contribute heavily to $NVDA's revenue too
So they are massively interlinked by way of $NVDA's performance
Price lost momentum after $NVDA reported this week and it is just sitting on the 50 Day MA now and the 0.618 Fib (which would be the rejected level for a bounce) as it is with pull backs, the 0.618 Fib can be used to find rejection levels too
A break out of this wedge would almost certainly confirm that a test at the previous ATH level at $503 is next
Holding above this level then and we are favouring the melt up scenario.....and this would be expected if we were not just entering Sept and October...
The market is also weighing up what would be more bullish for the market, a Harris or Trump win.....when Trump was leading in the polls, the market took an abrupt turn down, around the same time of the assassination attempt...the market may feel that a Trump win means more govt spending, which is not what the economy needs right now, a Harris win is more of the status quo and to let the Fed continue to guide to a possible soft landing.
This is not a concrete view, we are just observing the behaviour of the market over the last month, as it was extremely volatile.
With the current setups from the $SPY and $QQQ, we do not need to take any action, keep to our strategy, focus on buying strong set ups and be prepared for every eventuality.
