$QQQ TOP 20
Added 2023-11-25 20:08:16 +0000 UTC$QQQ bounce this month is bordering on the absurd now and is being fueled by the attraction of the Top 7 Mega Cap stocks.
I understand the attraction, I and many members want to continue adding to our strong positions and a lot of these companies make up the $QQQ.
When this pull back will happen is very difficult to say here, unlike the $SPY chart, there is a clear resistance level at $454 but here, there is very little in its way until the All time high line at $408.
Which mean that the $QQQ has run from $339 to $408 in only a number of weeks, a 20% climb like this in such a short space of time is not really ideal.
We always want structure, that is strength.....this bounce is almost showing us panic, that the market only feels safe having their money in these very strong companies, which is also what we saw in March when the regional banks in the US collapsed.
But if this continues without any pull backs, the the fundamentals will become very stretched and irrational behaviour may start creeping in.
Smart money will likely start taking money out.
