$QQQ TOP 20
Added 2025-05-18 19:48:32 +0000 UTCThere was enormous strength in the $QQQ this week, as the price action burst through the 50 WMA at exactly the amber 0.618 Fib at $487.....after Sunday evening Trump announced that the US and China made a progressive deal to reduce Tariffs to 30% and postpone the trade war for 90 days.
The market liked it and although some of the Mega Caps are still struggling below their 50 WMA, many other Tech Stocks performed well, noticeably Semi companies and helped carry the $QQQ higher towards the 0.9 Fib
The bounce since the 7th of April has been strong and up over +20%....so a cooling pull back has been due
Moody's downgrade may provide that catalyst to let off some steam and a retest of the 50 WMA from above should be welcomed at $487.
This tell us if this is a new higher support level or if the price rejects at this level then we can confirm that Wave C will complete next
Any break above an important resistance/support level is typically met with a retest....which is also why we expected the price action here and on the $SPY chart to return to test their 50 WMA after its strong drop at the start of April, which is what happened.
Only if the 50 WMA is lost here on the retest will I confirm that the Wave C count is active.
