The Long Investor
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$QQQ TOP 20
🕑 Added 2025-04-30 15:10:55 +0000 UTCOk, why did the $QQQ reject where it did?
The price action hit the 50 Day MA exactly at $476 yesterday and pulled back harshly today after weak economic data was released.
The market front ran the economic data yesterday, anticipating a weak result and sold off on the news.
This is the daily chart to show the 50 Day MA and the 50 WEEKLY MA is still are the 0.618 Fib at $487, which would be the standard level we would expect to see Wave B to reject at.
But as I said in the group chat, we do have a 3 wave bounce since Wave A completed and the price did bounce in between the 0.5 Fib and 0.618 Fib which is where we have had the Wave B set.
We need to watch this closely.
Already the market has recovered a bit since the initial sell off today, so bulls are still active.
I am making no pre-emptive moves just yet.
$MSFT and $META report later after the close and $AMZN and $AAPL tomorrow, a lot can happen.
