Mag 7 Chart Book
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QQQ 0.00%↑ continues to represent the strength amongst the major indexes. Here’s a chart dump of the Mag 7 over various timeframes I’m watching, with some quick thoughts -
Gap range below and July ‘24 breakout level are what I’m watching.
Some sideways consolidation here would be healthy.
Constructive above $235
Earnings next week. I’m a buyer on a break above this consolidation range.
The intersection of the 200 day moving average and that unfilled gap below is interesting. Still, this months leg down has been somewhat orderly, with RSI not touching oversold conditions. Perhaps doing so is what would bring price down to those levels of interest below. I’m watching.
I’m watching to see if it closes the month at a new all-time high. If it does not, it might be a signal to watch for a pullback to buy into.
I don’t like the chart. Below its 200 day with a sizable overhead gap. I think the best case scenario is sideways consolidation for an extended period of time. A move above the 200 day is the precursor for me to consider anything long in this name.
