QQQ Approaching 0.382 retrace, likely top
Updated
Technicals: Each of the previous bear-market-rallies ended near the 0.382 retrace from previous peak. This is the biggest one yet and it is approaching the 0.382 retrace of the All-Time-High. I suspect we'll hit or slightly surpass 349.71 and then the next downtrend will begin.
Fundamentals: PCE came in higher than the previous reading. The FED is not done tightening.
Fundamentals: PCE came in higher than the previous reading. The FED is not done tightening.
Note
Technicals: Monthly candle close looks good for possible top. Wicked above the 0.382 and closed below it.Fundamentals: April Job Openings surged from 9.7 million to 10.1 million. Interest rate hikes have not yet led to ANY increase in unemployment. The FED needs to tighten more, possibly a lot more than projected.
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