QQQ — 20 entries on this page, 2 of them a change of direction.
Which is helping Qs to rise. That's great. We bought shares at that opportunity.
And that's why I think, by the end of the year, we'll probably see not only record highs in the QQs , but the Nasdaq 100 will probably surpass it,
Uh next up into the NASDAQ. Now, look at that. If this candle was at the top of the chart, that would be a topping tail. That does illustrate too just how robustly bullish everybody was until that final last couple 10-minute candles on the chart.
Look at that bull flag. Then all of a sudden, whoop, now we got a potential topping tail. Now, again, let me just clarify. This does not qualify as a topping tail. There's price action all around it, just right next door.
So, that would need to be at a high point on the chart. But, geez, that selling pressure with that big wick in the final 10 minutes, we'll have to see if that carries into tomorrow.
The Nasdaq index (QUOS) has reached another new historic high. Last week I said that the buy signal and trend were very strong. It looked like it was going to reach another new historical peak, driven by artificial intelligence, and it did .
We achieved a new historic peak four or five days ago. So that's it . The QQQ fund is currently hitting this level here. The trend is still upward, and the big move in the Nasdaq will be driven by Micron's earnings tonight after the close.
The NASDAQ 100 on the QQQ level, which is an ETF, uh is 20 points higher now than where we were there.
we're going to break $800 on the triple Q's, which is a lot. Okay, $800 on the triple Q's and it'll lift all ships.
That's 8.5% that I'm calling for on the NASDAQ 100 by the end of the year.
while the QQQ advanced 0.12% to $73,744.
I brought up the daily chart of the cues uh which is obviously the tracking ETF for the NASDAQ 100. People think this is actually the NASDAQ. This is actually only the top 100 companies in the NASDAQ but they're the largest and they make up the like 95% of the NASDAQ uh market cap.
As for QQQ, how I see this, this is a " bread bot". I shouldn't say bread pot, this is my recipe for bread. The bread recipe gives you what you need to know. We are above level 5, above 13, and above 50 for Qs.
The market is currently bullish . But we bounced off a double crossover here, breaking through the Bollinger Band. Typically, within a few weeks, we will reach level 13 again. We are well above 13, well above 5, in a market that is in overbought territory , and that makes me nervous.
the daily chart of the QQQ is very, very, very bullish.
Next up into the Q's. We see the Q's in the pre-market are also pushing up. Now on the QQQ, this is a NASDAQ 100. We did butt up against all-time highs. On the regular NASDAQ, we did make all-time highs.
So near-term on the Q's, this level is still resistance 748 and 65. Much like the S&P 500, if the Q's were to get up and touch this line or even better, put a daily close above that line, that would be near-term very bullish for tech and NASDAQ.
If we look at the Nasdaq index, we are recording its highest level ever today . It's at its peak here. That was amazing. We are on the fourth day of the Green Days, and we know that these chains do not last forever.
I don't remember how long the longest series lasted. That was the case , but I think it was about nine days. You can see, if we just calculate the daily charts here , where we see past movements.
If we see 1 2 3 4, then there are five green days here, and before them a red day. Okay, 1 2 3 4 then a red day. 1 2 3 Then a red day. 1 2 Red Day. Here 1 2 3 4 then a red day.
Therefore, having 4 consecutive days and reaching all-time highs means we are likely to see a correction day coming here. Therefore, this is something that must also be taken into account when we open our centers and when we look at our overall centers.
The other thing to consider is where we are in the cycle. And again, on the Nasdaq index, you can see this large gap that we have, and as you know, even though the stock is trading at 30,000, we have a large control point here around the 29,500 level.
Then we have this level here, 25,000. So, it's easy to see a pullback.
We literally said that we are targeting the QQQ index to reach its all-time high by Black Friday. We are now only 1% away from this prediction. We bought when the price dropped to 700 and sent a buy alert.
When I saw 700, I said: Buy, send the alert, and go! On Friday we talked about testing the resilience of the QQQ index and its ability to hold at 715, and it succeeded.
Speaking of tech, moving into the QQQ, which is the NASDAQ 100. Look at the monumental push here on this chart, too. Up 2.77%. Notice what it was able to do. It did extend further than the S&P 500.
But I remind you, look what happened to the S&P 500. It had to fight to get through this declining trend line throughout the day. The Q's did not. Instead, they gapped up on top of that trend line. and then like a springboard, like a diver on a springboard just bounced on it and went much higher on the charts.
Talking about all-time highs, very very close on the cues right at 74865. That's the near-term destination should we continue marching up as early as tomorrow to tag that to find some resistance.
So, we said there was a potential bottom here when the market hit that low level, but the Nasdaq fell even further at that time.
Let's look at the Nasdaq index next. And this is the Nasdaq here, you can see it, look, this is what I'm talking about. The Nasdaq performed much worse earlier, then took this form where it bounces back and doesn't lose much ground.
The Q's. Look at the Q's. I posted the chart of the Q's yesterday. Some guy's like, "Ray dog, I don't understand your prices." I'm like, "Why don't you understand my prices?" I'm like, "What are you talking about?"
He's like, "What's 717? What's 713?" I'm like, "Well, if you remember on Fed Day, we went below 702 and reclaimed it." I said yesterday in the 6:30 Club with all of you that tuned in that we need to get above 7-Eleven 713, which we did.
Showed some commitment to it. Hit 717, which was this point of reference going across. That was one little target, one point of reference. Your next one is 724. So, where do I think we can go to today? You could probably go to 724.
The Qs, the Nasdaq Qs are going to drop 5 to 10% from highs. And you are going to have that correction. And then after we hit that five minimum down to 10%, you'll have a nice little consolidation and it will start moving higher again as the they get better idea of what the Fed's going to do.
Ed, that's probably a really good idea. I did not do that in my initial breakdown here today. Let's do that now. The Q's has been somewhat similar uh to the to the SPY except it's still been beneath the trend line that connects the all-time highs.
It really has not shown strength, whereas SPY in some cases has. Now today however you can see we're currently sitting here at 703. This gap down takes us through the 20 50 and 100.
It also takes us to the low from August 24th. We have a gap that fills down here which we have not filled top of this candle here 70159. I actually think we've got a gap down going here until about 7.
What was that value I just read you a second ago and could not remember. Good lord. 70159. So, I actually think that might be a support if we end up filling this gap here.
But just something to keep in mind on the Q's also having a great day today. Up about 1.1% passing that gap fill from Wednesday, right? And while we're testing all-time highs on the S&P, it's not the case on the keys.
And I talk about this so much, but the decoupling between the S&P and the Q's where the S&P is pushing towards new all-time highs. Q's are kind of stuck down here um well off down about 4% from their previous highs.
The Q's, which were pulling back, looks like that's trying to slow down, but we might not be out of the woods yet. Here's the Q sitting above the VWAP. I' I'd want to keep watching that.
By the way, Q's look like they're going to try and go higher, and that would be helped by a bounce in some of these other tech names like Oracle that we're talking about. Looks like it wants to. We'll see if it does.
And at the same time, the Q's looked like they were trying to curl here a little bit. They actually looked better than the S&P. So, looks like Q's trying to break this structure on the downside here. Uh trying to break and move back up.
so I was just going to say Q's actually looking all right here. Uh again, we did have this break of structure in the in the pre-market here. It looks like it's trying to climb back and we're above the VWAP here. This looks all right for the Q's so far.
Now, into the Qs. The Qs actually remained somewhat neutral today. You see they're down 0.08%, but if I flip to the 10-minute chart, that really all happened after 2:30. Cuz as you see here, the Qs bounced.
We actually gapped up, and then when we bounced, we went positive, and we remained positive from about 11:00 all the way until about 2:30, in which the selling just increased throughout the afternoon.
I have a bull trend and an edge on the Q's. Same deal. Higher highs and higher lows.
Um QQQ is basically at its VWAP. That's interesting.
All right. So, the bot did take some Q calls. Q's calls. Took a bit, but we got one. All right, SPY is here. So, this is the Q. So, we're long the Q calls here. It took the 712 calls, by the way. It's up slightly.
