Is the NASDAQ Top In? Traditional Markets Update!

Author

ND Capital
July 22, 2024

Table of Contents

QQQ / NASDAQ MACRO PICTURE

Some charts which are food for thought

Macro Parallel Channel Top

1 to 1 fib extension + 1 to 1 Fib Time

Lets look at the top 3 tech stocks included in NASDAQ

APPLE - Big range (Balanced market) MOVED INTO IMBALANCE creating a new Balance whilst backtesting the previous Big Range Value Area High → 165$ per share and then creating Imbalance (eg Impulse)

At this moment of time APPLE is highly expanded and been trending for long time, I suggest a Balance being formed and potential previous VAH test → 197$ , if we fall below 197 then 170 is likely ,

Trend is highly bullish ,but OVER EXTENDED! Macro Mean reversion to create the Balance is likely , I do suggest a range being formed between the current high 240$ and lower prices stated above.

MSFT - I want to highlight the moves from a balanced market to an imbalanced one , this happens when there is a more supply then demand - bearish move down and when there is more demand then supply - bullish move , when they are even you get range bound scenario. The mean reversion and fair value of MSFT for me at the moment the market is pricing at the volume weighted average price (VWAP) at around 350$ per share. Area where I would look for bounce and continuation of this uptrend.

NVDA - As profit grows ,due to the AI implementation worldwide and this stock continues to grow rapidly, most likely it will continue its bullish trend , but I suggest if those 2 above go sideways NVDA to do the same until the elections in November , with summer being here and lots of big players enjoying themselves, it gives the opportunity the market to go sideways / cool off until the next impulse higher , which for me will be the Q4 of 2024.

TESLA - The Data Center, well most people know TESLA as EV. I know TSLA as Data Center, is just rotating between VAL & VAH. Balanced Market atm.

The Dollar Index - Strong or Weak?

For me at this moment of time I expect a move up by DXY , which will add more reason for the stock market to cool off a little , same cool off period for GOLD, which has been an absolute monster , next big buys of GOLD will happen during the Indian Weddings in Q4 2024! Do not neglect a country with 1.5 Billion People Population

GOLD / XAU Chart

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