Market Update - Wednesday Before The Open
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Stepping back for a moment, here's where the QQQ sits in the larger degree (similar story for the SPY).
Downtrend since Q4 2021. August move to the upside threatened to break the downtrend, but sellers prevailed. Thus far a Wave 4 bottom struck in mid October around the 0.618 retrace of the prior Wave 3 up. Then a move up since then which has tried but so far failed to breach the 0.5 retrace of the Wave 3 (or in normalspeak, the QQQ can't push up through $286 and until it does that and turns $286 into support, we can't yet say a recovery is underway).
OK. That's the context. Now let's zoom in for our daily before-the-open Market Update - for our paying subscribers only.
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