with more to go

Both have been great pick ups!

ORCL was also highlighted as a long trade in that same video as NOW (I believe shortly before NOW). ORCL has just hit the 218.05 target/resistance level shown on April 13th, where the odds for a reaction, and potentially the end of the run, is likely IMO. At minimum, consider raising stops if you caught any or all of the ~50% gains since that video, if you plan to hold out for additional upside in the stock. Great time to take the money & re-deploy into something with a more favorable R/R profile at this time, if you took it.

My 124.05 preferred price target has just been hit for the 40% profit I was calling for when I highlighted NOW as an objective long entry in the April 13th video. Considering booking full or partial profits and/or raising stops if holding out for the potential max. target around the 136.50 price + 200-day MA’s resistance. The following link will start at coverage of NOW. I’ve included an updated daily chart along with a screenshot from that video below. Great time to book profits if you took it, IMHO, as the risk of a gap down in the market and/or NOW is quite elevated at this time. Therefore, raising stops, if holding out for that next potential target, could backfire, should the stock gap down well beyond your stop.

https://youtu.be/HW0IeJZQH4w?si=wR5EBjCi2I6TJxdJ&t=1727

NVDA just hit my 1st downside target from the May 8th trade ideas video at Wednesday low, with the expected reaction/bounce off that level, so far. If you believe it is going to new highs, then that was where the most objective long entry (and/or reversal covering the short & going long) would be.

However, assuming my next two targets are hit, then, as stated in that video, it will most likely bring QQQ down for the ride along with it. This link will start at the coverage of NVDA where those targets were shared.

https://youtu.be/ukR3TFA1V24?si=qmII_nZ7G6-kXaO5&t=2908

I’ve also included an updated 60m chart below Still favoring at least one more leg down to my T2 zone with a re-shorting zone on the chart below. Anyone long NVDA or considering it, objective stops can be set slightly below my T1 and/or T2 levels.

The stock market peaked at the end of 2024 with both SPY & QQQ topping in Dec ’24 with both going sideways for a few months to put in effectively a second roughly equal double-top high in Feb ’25 & QQQ falling 26% from there (a bear market by the classical definition of a 20% drop) and SPY falling over 21%, both into the April 7th lows, with that bottom coinciding exactly when T2 on my QQQ daily chart was hit.

I guess I wasn’t clear or explained it wrong, but essentially, there was a lag of about 11 months before the stock market peaked (using the Dec highs, as the market went sideways from there before starting the clear downtrend a couple of months later.

As of now, most of the other 10 sectors, including the 2nd, 3rd, 4th, & 5th largest weighted sectors behind #1 tech, (XLK), #2 the financials (XLF), #3 consumer discretionary (XLY), #4 communications (XLC.. although a bit later on Jan 30/Feb 2nd) & healthcare (XLV), both peaked right at the start of Jan and all of the remaining sectors topping in Feb or March. So we’re about 4 months or so from those next 10 smaller sectors behind tech peaking while the tech-heavy QQQ & SPY are making new highs. Nothing is set in stone, but that speaks to the very poor market internals driving this rally in the major indices.

As I stated in the video, those lagging sectors could very well play a game of catch-up & I am currently favoring long trade ideas in those sectors while waiting for the next sell signals in tech & the semis that I’ve recently been highlighting, as I suspect many of those lagging sectors will outperform tech by the end of the year, assuming the sell signals in QQQ & SOXX are triggered AND play out to most or all of my swing targets.

QQQ 800+++