Limited Upside As Investors Await First Fed Cut: Here's My Most Likely Scenario For QQQ
Portfolio Pulse from David Keller
The article discusses potential scenarios for the Nasdaq 100 and QQQ over the next six to eight weeks, considering macroeconomic factors and market signals. It outlines four scenarios ranging from very bullish to super bearish, with varying probabilities assigned to each. The performance of key stocks like Nvidia (NVDA) and Meta Platforms (META) is highlighted as influential in these scenarios.
September 17, 2024 | 12:45 pm
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NEUTRAL IMPACT
Meta Platforms' stock performance is critical for the Nasdaq 100's direction. A breakout above $550 could signal a bullish trend, while failure to do so may lead to bearish scenarios.
META's ability to break above $550 is a key factor in determining the Nasdaq 100's direction. A breakout could lead to a bullish scenario, while failure may contribute to bearish outcomes.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Nvidia's stock is in a consolidation pattern similar to QQQ. A breakout could lead to a bullish scenario for the Nasdaq 100, while failure to do so may contribute to bearish outcomes.
NVDA's performance is crucial for the Nasdaq 100's direction. A breakout could lead to a bullish scenario, while continued consolidation may contribute to bearish outcomes.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The QQQ is currently in a consolidation pattern, with potential scenarios ranging from a breakout to a downturn. The performance of key stocks like NVDA and META, along with macroeconomic factors, will influence its direction.
The QQQ is in a symmetrical triangle pattern, indicating indecision. The article outlines scenarios that could lead to a breakout or downturn, influenced by NVDA and META's performance and macroeconomic factors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100