The bull market in tech shares has been trashing Hidden Pivot obstacles with the greatest of ease, so here’s a chart that takes a more expansive view. If the rally maintains its steep pitch, the uppermost of the targets, 317.48, should be at least two weeks in coming. There’s always the chance it will not be reached at all, since September is a notoriously bearish month, but we’ll take the targets one at a time in any event. If intervening corrections on the lesser charts start to exceed their midpoint supports and ‘d’ targets, we can shift our perspective accordingly. But there is no reason to presume that seasonal bearishness that has obtained over the last hundred years will affect this nutty rally any more than a dozen other time-honored cyclical and technical indicators. For the moment, we’ll stay focused on the 297.17 target immediately in prospect. Its easy breach would portend more upside to the next, 305.12. _______ UPDATE (Sep 3, 10:20 p.m.): It could take a week or two for the Cubes to shake off today’s body blow, but the plunge paradoxically triggered a mildly enticing ‘mechanical’ buy at p=284.40, stop 273.37. If the trade gets stopped out and QQQ falls to the green line, that would trip another ‘mechanical’ buy more promising than the first. Here’s the chart.
QQQ – Nasdaq ETF (Last:287.23)