$SPX and $QQQ Updates:
Moores’ 2C-P is at 69.3
Weekly Expiration, constructed by Joel Withun, is looking positive for the week ending on July 20th . Experience has demonstrated that when we have serious overbought conditions combined with positive projections, the only sector that can move consistently higher is $NDX,where reality can triumph conjectures.
On Joel’s daily chart, 362 is at 2838 for $SPX and for $QQQ 362 is 182.39; stochastics continue being excessively high. Values are similar to 162 extensions on Weekly chart.
Weekly volatility inverted is very overbought. Volatility daily has hit the upper bollinger band in all the three instruments we follow.
Weekly stochastics favor $NVDA, $VT and $AXP; $BIDU looks better than $BABA using weekly stochastic.
EW analysis
The $QQQ ETF has now support at 173.77 (Chart shown)
and many of our $QQQ holdings hit support during last correction, companies like $BABA, $HTHT, $IQ, $BIDU, $NVDA, $TWTR, $AAPL, corrected to their respective support areas, In this regard, I think that if you are planning to go long in overbought conditions we have to suggest $QQQ as the instrument of your consideration.
If you are thinking $AMZN has more room to go before our ideal entries, you should do well by considering stops just below 1810/1790.
When you compare $SPX chart
to $QQQ
you can see why we are suggesting $QQQ longs; the 3rd wave already was ignited on $QQQ and while we could see a pullback, this should be shallower than on $SPX which still needs work to confirm a breakout above the range.
Trade Well and Good luck
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