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QQQ Trust Shows Bullish Momentum, Eyes Breakout to Previous Highs

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Ctrl Alt Finance
16 Jul • Reading Time - 5 minutes

Welcome, and Happy Tuesday! If you missed our last post, find it here.

Amid recent political uproars, investors are navigating a rollercoaster of cautious optimism and heightened volatility.

It's like trying to balance on a seesaw with geopolitics on one end and economic indicators on the other.

Let’s dive into the charts! 

* MARKET INTEL *

Triple Q’s

QQQ (Invesco QQQ Trust) is in a strong bullish trend trading in a rising wedge.

The latest candle has the largest buying wick in months, right along a trend line and the key 496 level.

Unless price wants the demand zone at 493, it looks primed for a breakout to previous highs.

* NVDA *

NVIDIA Corp

NVDA (NVIDIA Corporation) 15-minute chart exhibits a volatile session, with the stock trading in a wide range.

The 127 level is still holding firmly, potentially serving as a springboard for a trend line break to the 131 level and beyond.

* DXY *

U.S. Dollar Index

DXY (US Dollar Index) The 15-minute chart for DXY displays a very bullish trendline break into a recent minor supply zone, likely related to recent political fireworks.

There is little resistance until the 104.43 level.

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* MARKET INSIGHTS *

Economic Vibe

Markets

Price

% Daily Change

🔺S&P 500

5,631.22

+15.87 (0.28%)

🔺NASDAQ 100

20,386.88

+55.38 (0.27%)

🔺Dow

40,211.72

+210.82 (0.53%)

🔺Bitcoin

64,767.50

+38.60 (0.06%)

🔻USD 10Y

4.217%

-0.020 bps

Movers & Shakers

  • Axon Enterprise Inc (AXON) 308.64 (+5.46%)

  • First Solar Inc (FSLR) 213.42 (-8.498%)

  • Grail Inc (GRAL) 15.59 (+5.267%)

* HEADLINES *

Top Reads

  • Powell Signals Rate Cut Coming Into View but Declines to Say When (Yahoo Finance)

  • Why Solar Stocks Fell Sharply on Monday (Yahoo Finance)

  • The stars have aligned for this corner of the stock market as the US economy enters its 'Goldilocks' era, BofA says (Yahoo Finance)

  • Pfizer Stock (NYSE:PFE): Super Cheap, 5.7% Yield, Potential Weight Loss Catalyst (Yahoo Finance)

  • Buffett's Berkshire Hathaway sets, closes at record high (Yahoo Finance)

  • Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation (AP News)

  • Powell says Federal Reserve is more confident inflation is slowing to its target (AP News)

  • Trump Picks J.D. Vance as 2024 Running Mate (Wall St Journal)

* IDEA *

15-Minute Strategy

KEY POINTS

  • Monitor short-term (9-period) and long-term (20-period) moving averages for trend direction.

  • Use RSI (Relative Strength Index) to identify overbought (above 70) and oversold (below 30) levels for entry and exit points.

  • Define specific entry and exit points based on moving average crossovers and RSI signals.

  • Implement tight stop-loss orders to limit losses and maintain a disciplined approach to trading.

* WISDOM BYTES *

Set the tone

Embrace a positive mindset by setting clear, achievable goals and tackling challenges with unwavering determination.

Remember, consistent effort in small steps is the key to achieving significant milestones and growth.

Begin each day with purpose and enthusiasm, ready to seize opportunities and make each moment count towards your personal success and fulfillment.

* DAILY DOSE *

Memes of the day

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