The video in this report is only accessible to members
The video in this report is only accessible to members

SPX and QQQ look to be peaking out following the last 9 of 10 days of rally, which has brought QQQ up to former peaks.  As discussed previously, Technology has done a stellar job in overrepresenting the degree of market strength while most sectors have been slow to participate.  Market breadth and weekly momentum remain negative and quite a few US indices have rallied up to key downtrend lines.  Treasury yields have stabilized and have begun to push higher and this arguably could continue next week, which might adversely affect Equities. Overall, my work suggests that there stands an above-average chance that US Equities will consolidate recent gains and undergo consolidation into Thanksgiving holiday before rallies can continue.

Daily QQQ charts below have successfully formed TD Sell Setups as of today’s close (Friday 11/10/23).   Friday’s rally occurred on negative momentum divergence in QQQ, as the last couple days of stalling out brought about a downturn from overbought levels which has not been reclaimed on hourly charts.

Overall, I am expecting a decline to 365 and potentially 360 in QQQ before any push to challenge July highs.

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Small cap weakness vs. QQQ sti...

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