QQQ
The NASDAQ is showing very strong sell signals. Our custom indicator suggests an 85% proability of a significant downside on the weekly. This same proability also exists on the monthly, showing mounting sell pressure. When you also consider the very overbrought levels this is a recipe for disaster. We suspect that the Magnificant 7 stocks will be hit hard. If you also factor in a bottom bottom on the dollar and a (still severe) top in the S & P 500 (see our seperate analysis) then the start of 2024 looks very poor for stocks. Be very defensive here.
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