The Long Investor

$QQQ TOP 20

Added 2024-02-18 18:38:42 +0000 UTC

$QQQ commentary is almost identical to the $SPY commentary, they are moving in sync and I believe Subwave 4 is not complete yet either and there is still one more leg up to complete Wave 5.

I have been very clear on this market movement for the last year, especially calling for Wave 4 completing at the end of October, when many believed it was the start of the correction and the market rallied 30% since then.

The 50 Day MA is moving up to the 0.5 Fib now at $417, so with $NVDA reporting this week ahead, this may be a volatile week and we get a flush down to $417.

But remember, earnings for the Mega Caps were overall positive and there is no signs of earnings getting weak just yet.....the next earnings season could be the trigger for this.

Again, I see no rush to sell any positions while the chart is looking this bullish right now but we are aware that this is looking like the final stages of Wave 5.

Just like when we buy, we wait for confirmation, we also wait for confirmation when we sell.