The Long Investor

$QQQ TOP 20

Added 2024-01-21 20:54:59 +0000 UTC

$QQQ gave us the shallowest pull back, only to the 0.236 Fib and bounced, the price did not even test the 50 Day MA either.

We can see that the price action also tested the ATH blue line and took off.

$NVDA lead the market this week and $AAPL held support on its 200 Day MA and bounced hard.

I would never set a Subwave 2 at the 0.236 Fib, it is as shallow as it gets...and we could be into Subwave 3 now.

Remember, earnings season is coming in now and moving to the business end, so any surprises from the Mega Caps and Subwave 2 may still come in and pull back to a more expected level....however, the market is telling us that they expect the Mega's to beat convincingly and I believe this too.