The Long Investor
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$QQQ TOP 20
🕑 Added 2025-03-23 20:22:25 +0000 UTCI have been sharing all evening that the majority of the Mega Caps are showing bullish reversal indications on their RSI and MACD and the $QQQ is almost identical to them all too.
Although the $QQQ has been behaving slightly weaker than the $SPY, I believe that $QQQ can also retest its 200 Day MA at $494 which will be able to tell us where the trend is going next.
A rejection at this level and we can confirm the corrective wave
A flip of this level to support and the melt up scenario is still possible.
Certainly over the short term there is an indication that a relief bounce is next which should bring the price action back to the 200 Day MA.
The $QQQ needs $NVDA to get involved here, its weight is too heavy to go against the trend, so we need to see $NVDA get back up to its own 200 Day MA and flip it for the melt up scenario to play out.
