QQQ, /NQ, /ES, etc.. continue to ride up the bottom of their respective 60-minute bearish rising wedge patterns (uptrend lines) with a sell signal still to come on a solid break below all. Any additional thrust up/new high early this week would only increase the size of the wedge and scope of the divergences. 60-minute charts below.
NQ 60m Aug 26th
QQQ 60m Aug 26th
ES 60m Aug 26th
However, make no mistake about it. While we certainly have quite a few potential market-moving economic releases on the calendar this week, it is all about NVDA (NVIDIA’s) earnings report after the market close on Wednesday as that will likely determine in the indexes are going to punch out a marginal new high, taking out the bearish engulfing candles that have so far marked the tops on QQQ, SOXX, & NVDA, or if those potential topping sticks will remain in place for some time to come.