Add QQQ when prices retrace to support levels: $476, $469 and $452
The $NASDAQ(.IXIC)$ $Invesco QQQ(QQQ)$ ($QQQ) had its biggest one day drop since 2022.
Investors have been asking me why the sudden drop? What has changed in the last 24 hours?
Two main reasons.
Markets move in waves. After a wave up, there is always a wave down. After an extended wave up, the $QQQ was due for a wave down.
Seasonality. Look at the second chart below. During Election years (since 1950), the market historically falls on the 3rd week of July. This was a textbook pattern
The mainstream news will come up with all kinds of bullshit reasons to justify the drop ... comments from trump, geopolitical concerns blah blah blah
The reality is that in the short-term, market prices are all manipulated by Market makers, algos with recognisable repeatable patterns
I would be start adding $Invesco QQQ(QQQ)$ when prices retrace to support levels, $476, $469 and $452.
Opportunity to add high quality tech stocks during the bull market pullback.
adamkhootrader on X
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