We went to cash today.
Sold NFLX and RBLX last week. TQQQ today. All of these positions did stellar over the week that we held them and will continue to do so into year end.
However, this week in particular is where the bears have their last shot at making a statement. They will likely use mega-cap tech earnings as an excuse to do so before the Fed next week and the elections the week after ruin their party.
The market is giving hints of what is to come. Per the usual, it is all reflected in price.
Here is the S&P:
It's the subtle clues that are often the most powerful. Not closing over 3800 today was one such clue. Putting together a spirited rally and closing barely more than 1% over last Tuesday's closing high (last week's high) is another.
The market used a lot of energy to bounce from the support you see between 3600-3700. There should have been more oomph! by now.
And it doesn't help that the NDX is staring right into significant resistance after the effort to rally over the past week:
All of this makes for a market that will more than likely pullback into the end of this week.
One more reset is needed before moving above 4000.
To be absolutely, unequivocally clear....this does not change my intermediate term call of a market that is headed much higher into year end.
Be patient with the market this week. There are still kinks to be ironed out.
Earnings will be the excuse to do the dirty work.
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