peshkov
Market Analysis - Nasdaq (NASDAQ:QQQ)
I wrote last week that I was generally bullish but expecting some sort of chop or pullback to the 21 EMA in the near term. Well, the market proved me wrong thus far.
The Pullback Is Coming (Technical Analysis)
Summary
- Despite recent market drift higher, I see warning signs – low volume on up days and exhausted buyers – suggesting a short-term pullback is likely.
- Intermediate term, I remain bullish and expect the market to challenge all-time highs, but I'm increasing risk management and reducing position sizes for now.
- Select stocks like PRCH and AEVA are outperforming, while others like Bitcoin and Gold need more time to base; watchlist includes IOT and ALAB for potential setups.
- Macro risks persist, but ongoing money printing supports asset prices; I'll stay nimble, ready to capitalize on new buy points after any pullback.
Let's take a look at the charts....
Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC, HOOD, CRWV, AEVA, TMDX, ASTS, MVST, OKLO, OLO, SEI, PRCH, TOST either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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