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Short-Term/Medium-Term Outlook:
The major indices have finally broken into an uptrend for the last month. That is a significant breakthrough in this bear market. Back in 2000, the QQQ traded between about 80 and 100 for around 5 months before it truly broke lower. It slowly headed higher before it broke lower. So, in my opinion, it is certainly possible that we will consolidate in a large range for some time. Maybe between 265 and 325, forming an ascending triangle, just as we did back in 2000. For now, that range is impossible to tell. Anything can happen where we are at. However, we do have a very significant support level on the weekly right below. The 200-week simple moving average is nearby at around 264.71 currently. It appears as though we have found a short-term bottom around 275. But - looks can be deceiving. I personally think this market has potential to revisit 2020 lows around 165 before we come close to finding a long-term bottom. This would see the Nasdaq dropping an additional 44% from where it is.
Anything is possible in the current market environment that we are in.
My Longer Term Outlook:
With the way inflation is and the way the economy is, things are not looking good, and the worst is not over yet. In order for the fed to get inflation under control they will have to continue to raise interest rates to the point where asset prices are absolutely crushed. This is just my opinion. I do not think they can get inflation under control without crushing the stock market and other "risk-on" type asset classes such as Real Estate and Crypto.
SPY.Close
2022-07-08 388.67
[1] "Breakouts"
[1] "Trends:"
SPY Price is in a One Week Uptrend
SPY Price is in a One Month Uptrend
SPY Price is in a Three Month Downtrend
SPY Price is in a 100 Day Downtrend
SPY Price is in a 200 Day Downtrend
QQQ.Close
2022-07-08 295.35
[1] "Breakouts"
QQQ set a 10 Day High Today
[1] "Trends:"
QQQ Price is in a One Week Uptrend
QQQ Price is in a One Month Uptrend
QQQ Price is in a Three Month Downtrend
QQQ Price is in a 100 Day Downtrend
QQQ Price is in a 200 Day Downtrend
XLK.Close
2022-07-08 132.87
[1] "Breakouts"
XLK set a 5 Day High Today
[1] "Trends:"
XLK Price is in a One Week Uptrend
XLK Price is in a One Month Uptrend
XLK Price is in a Three Month Downtrend
XLK Price is in a 100 Day Downtrend
XLK Price is in a 200 Day Downtrend
MSFT.Close
2022-07-08 267.66
[1] "Breakouts"
[1] "Trends:"
MSFT Price is in a One Week Uptrend
MSFT Price is in a One Month Uptrend
MSFT Price is in a Three Month Downtrend
MSFT Price is in a 100 Day Downtrend
MSFT Price is in a 200 Day Downtrend
ADBE.Close
2022-07-08 389.44
[1] "Breakouts"
[1] "Trends:"
ADBE Price is in a One Week Uptrend
ADBE Price is in a Three Month Downtrend
ADBE Price is in a 100 Day Downtrend
ADBE Price is in a 200 Day Downtrend
NVDA.Close
2022-07-08 158.38
[1] "Breakouts"
[1] "Trends:"
NVDA Price is in a One Week Uptrend
NVDA Price is in a Three Month Downtrend
NVDA Price is in a 100 Day Downtrend
NVDA Price is in a 200 Day Downtrend
AMD.Close
2022-07-08 79.35
[1] "Breakouts"
AMD set a 5 Day High Today
[1] "Trends:"
AMD Price is in a One Week Uptrend
AMD Price is in a One Month Downtrend
AMD Price is in a 100 Day Downtrend
AMD Price is in a 200 Day Downtrend
AAPL.Close
2022-07-08 147.04
[1] "Breakouts"
AAPL set a 20 Day High Today
[1] "Trends:"
AAPL Price is in a One Week Uptrend
AAPL Price is in a One Month Uptrend
AAPL Price is in a Three Month Downtrend
AAPL Price is in a 100 Day Downtrend
AMZN.Close
2022-07-08 115.54
[1] "Breakouts"
[1] "Trends:"
AMZN Price is in a One Week Uptrend
AMZN Price is in a One Month Uptrend
AMZN Price is in a Three Month Downtrend
AMZN Price is in a 100 Day Downtrend
AMZN Price is in a 200 Day Downtrend
GOOGL.Close
2022-07-08 2387.07
[1] "Breakouts"
GOOGL set a 20 Day High Today
[1] "Trends:"
GOOGL Price is in a One Week Uptrend
GOOGL Price is in a One Month Uptrend
GOOGL Price is in a Three Month Downtrend
GOOGL Price is in a 100 Day Downtrend
GOOGL Price is in a 200 Day Downtrend
[1] "Volume Analysis:"
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