Comments on: /NQ QQQ Bounce Target Remains, Downside Price Target Added

By: Alan

Alan — Mon, 29 Jul 2024 16:38:25 +0000

Randy, I am trying to rationalize your MT/LT call vs others. Ari Wald from Oppenheimer is a well know technician and he is saying buy the dips as the Uptrend is in tack. His take: The S&P 500 and NASDAQ-100 were down about 5% and 9%, respectively, peak-to-trough last week. This week’s report highlights four key positives that lead us to believe this weakness is a near-term opportunity to buy long-term strength: 1) the market is correcting from a position of broad-based strength, 2) trading conditions are becoming tactically attractive into support, 3) leadership trends point offense over defense, and 4) our case for an upside market surprise is intact. For the first point, it’s important to highlight there were 322 net new highs on the NYSE into the July peak, the broadest reading of the cycle and the most since May 2021. We believe this re-broadening of the bull argues against a major top and indicates pullbacks should be bought. I know what you are going to say but it hard to be aggressively short other than for tactical ST trades.

By: curtisbutler@mac.com

curtisbutler@mac.com — Mon, 29 Jul 2024 15:27:36 +0000

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By: Beljrc

Beljrc — Mon, 29 Jul 2024 15:24:59 +0000

In reply to Dkpdkp.

Yes i’d like it. also, it looks like Wheat came very close to its long term uptrend line.

By: Dkpdkp

Dkpdkp — Mon, 29 Jul 2024 15:10:41 +0000

Hello Randy- can you please update NG- another subscriber has asked too-thx!

By: Imadaytr8r

Imadaytr8r — Mon, 29 Jul 2024 13:25:19 +0000

Thanks Randy for the pre-market update! Can you update SPY/SPX as well? Thanks

By: rsotc

rsotc — Mon, 29 Jul 2024 12:32:56 +0000

In reply to jmccallum.

In regards to your question about a backfill of that gap, if/when we get there, that gap is so (relatively) small that I wouldn’t be concerned with trying to milk out a few extra basis points if /NQ enters the gap, rather I’d prefer to reverse from long to short if/as we approach the bottom of that gap as there is significant additional price resistance around that level where sellers are likely to step in.

Again, that all depends on how the charts look if & when we start to approach that level but for now, those are my thoughts.

By: rsotc

rsotc — Mon, 29 Jul 2024 12:29:58 +0000

In reply to jmccallum.

Here’s a zoomed in version of that 15m chart I posted above where you can see that gap. That thick line (former key support, now key resistance & my maximum potential bounce target) cuts right through the middle of that gap… certainly a potential reversal point if/when /NQ gets there.

By: jmccallum

jmccallum — Mon, 29 Jul 2024 12:15:29 +0000

Hi Randy, My 60min charts on NQ show a gap between 19,883 and 19,902. I couldn’t pick that gap out of your charts though.

I suppose we might see a gap fill there?