Nasdaq Qs … ‘Straight Up’

June 30, 2026 By in Nasdaq, QQQ 2 Comments

What’s Next?

It’s been two days of straight up, for the Nasdaq.

Tomorrow could make it a third but is that ‘normal’ market behavior, given the chart at left?

After breaking through one level of resistance and then, hitting another, the more probable action is to retrace and test the lower support (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

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The Danger Point®, trade mark: No. 6,505,279

2 responses

  1. What I’m reading in Lance’s substack is that momentum and value are overstretched and the mag 7 are oversold. So a rotation away from momentum back into large cap growth might occur. What I’m really getting at, is that I think the short on Corning should pay off here. Plus it’s so stretched from it’s 20 DMA.

    As for Nasdaq, maybe it goes higher anyway just because nvidia catches a bid. I don’t know. Maybe this comment ages poorly lol.

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    • With the Qs set to retrace (possibly), it could affect GLW to the downside … ‘could’. At this point, I’m on the sidelines watching that thing (GLW) to see what happens next 🙂

      However, based on the wedge analysis three days ago, we’re possibly in the beginning stages of a blow-off like we’ve never seen.

      I was there in ’87, and it was incredible both on the upside, and down.

      As today’s post says, ‘normal’ market behavior is to come back for a test. I can’t tell anyone what to do but for those visiting, they can kind of figure it out.

      With that said, went long on TQQQ early yesterday (after the ‘wedge’ update was posted) at 72.80 and closed out late today at 81.42 … now waiting for the retrace.

      The ‘Iran’ situation changes nearly every hour it seems. Couple that with morbid curiosities like the SpaceX IPO and you’ve got a market that does not lend itself to being analyzed in a conventional way.

      Ox Talks has a recent post about the ‘reset’ happening right in front of us. Things no longer operate the same as in the past.

      Link here: Ox Talks, Pimco

      Thanks for the input.

      I appreciate the updates.

      Regards,

      Paul

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