$QQQ TOP 20
Added 2023-10-22 20:17:08 +0000 UTC$QQQ is looking a lot stronger than the $SPY, as it has been performing significantly better all year, as it is highly weighted to our strong Mega Caps.
The price action is still in this bullish flag and although the price may test the bottom of the bullish flag again on the 0.38 Fib, meaning the only difference is that Wave 4 has extended, this would be the only change to the chart.
This Wave 4 has been quite long, if we look at how short Wave 2 was in comparison, we can see how extended it is.....this is likely due to the macro influences, refusing to allow the market to turn upwards yet.
A break down of the bullish flag this week and the $QQQ will have to try and find support on the 200 Day MA $338 and failure to hold here, this impulse wave only becomes invalid at the red line at $296.....which is a long way away.
What this has been telling me is that the Big Tech companies continue to hold up this market, their influence is that powerful, so another strong showing from their earnings report and this should continue saving the market......until the EOY.
