To The Moon

It’s a relatively lackluster session Monday on Wall Street, with major indices of large caps in the red, while small caps outperform in a climate where tech titans are losing ground amid the latest negative headlines.

⚠️ Trading tips: looking at calls above 446.26 or dip buy between 442.5 to 443.5 after the 8:30am and 10am news on Tuesday. Get ready for the last week of discounted buy before April approaches! 🤑

MNQ stuck exactly between 2 channels

Month to date, the major U.S. stock benchmarks are on pace for their fifth straight winning month. The broad market index is up more than 2% in March. The Nasdaq Composite is toting a 1.8% advance for the period, while the Dow is up 0.8%.

Despite some concerns that the market rally has crossed into overbought territory, investors still can’t be underweight on equities as of now, according to 3Fourteen Research cofounder Warren Pies.

“There are a lot of people who are underweight or under-exposed to this market, and they’re going to scramble to get exposed,” Pies told CNBC’s “Closing Bell: Overtime” on Monday. “I think the combination of a soft landing, a Fed that has your back and under-invested strategists and institutions means that this rally can keep going.” 

More economic data releases are slated for Tuesday. March’s consumer confidence data will be released in the morning. Durable goods orders and the Richmond Fed’s manufacturing survey will also provide insight on the health of the manufacturing sector.

The QQQ ETF (NASDAQ:QQQ) is navigating around a pivotal point at 444.09. For bullish participants, a climb above 445.43 is sought after. Holding firm at this level could usher in a push towards 446.51 as a new support base. If buying pressure persists, we might see an advancement to 447.73, with an optimistic target set at 449.36 and an ultimate bullish goal for the day at 450.98.

Conversely, if QQQ struggles to stay above 444.09, bearish forces might lead to a descent towards 440.53. A demonstration of weakness could lower the price further to 441.56. Persistent selling might challenge the support at 440.78, potentially leading to a bearish pursuit towards the daily low target of 440.00.

Don't say boh jio 🍌 

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