• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock QQQ Breaking Out Again; Watch This Key Component Stock As It Breaks Out Too
Stock

QQQ Breaking Out Again; Watch This Key Component Stock As It Breaks Out Too

by November 10, 2023
by November 10, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

I’ve already pointed out that I believe the July through October correction is over. I’m sticking to my earlier convictions that we’ll experience a very strong finish in 2023, breaking out to all-time highs later in Q4 or sometime in Q1 2024. Growth continues to power forward and, after a potential right shoulder forms, I’m looking for the 10-year treasury yield ($TNX) to further support a strong Q4 finish by breaking down out of its topping head & shoulders pattern:

A symmetrical head & shoulders topping pattern would print if the TNX reaches 4.80% – equal to the 4.80% top at the left shoulder. A pattern doesn’t have to be symmetrical, but if it is, more technical traders will recognize and act upon it. As you can see, the measurement would likely take the TNX back to 4.10%, or thereabouts. Perhaps this is one reason why traders are jumping all over the growth-oriented NASDAQ 100 ($NDX) right now:

Today’s price action has easily cleared Point 4 price resistance, effectively ending the downtrend since July. This confirms my earlier signals that told me this correction would not last and certainly wouldn’t morph into bear market selling to take us back to the October 2022 low. Also, check out the RSI panel at the bottom of the chart. RSI 60 can serve as a brick wall of resistance when we’re downtrending, but history tells us that when the RSI pushes through 60, there are much stronger odds that the downtrend has ended and a new uptrend has started.

As the NDX has made a key reversal, I generally find it helpful to see which stocks are showing strength and providing leadership. Over the past month, here are the Top 10 stocks in the NASDAQ 100:

The 3rd stock on this list, Broadcom, Inc. (AVGO) is worth discussing further. Recently, I published a PDF that provides anyone interested in the historical pattern of the S&P 500 during the current secular bull market (since 2013) and how 16 individual stocks have fared as well. AVGO is one stock that LOVES the second half of Q4, probably because it runs higher into its quarterly earnings report. Unlike many of the stocks on the NDX, AVGO reports in the 3rd calendar month of each quarter, so their pre-earnings run typically occurs later than others. I believe that pre-earnings run is underway right now:

Semiconductors ($DJUSSC) are trying to break out and AVGO happens to be one of the leaders driving prices higher in this industry. Given its historical bullishness into earnings and today’s breakout, if it holds, I see AVGO running higher. Seasonal trends, while not my primary reason for buying and selling, do offer us up information that most traders don’t have access to. Be prepared.

If you’d like to claim your FREE COPY of my Bowley Trends seasonal PDF, it’s very simple. CLICK HERE to provide your name and email address. Be sure to hit that Download button and we’ll immediately send you what I believe will be a major game changer. You won’t ever look at the stock market the same. Get back at the big, manipulative Wall Street firms and understand their tricks, so that you too can profit from them!

Happy trading!

Tom

You Might Also Like
  • Energy Stocks in the Spotlight: A Look at Diamondback Energy
  • The Halftime Show: 100th and LAST Show!
  • GNG TV: S&P 500 Breakout — Will the Rally Continue to All-Time Highs by Year End?
  • Harnessing Momentum: Jumping On the 52-Week Breakout (Before It Happens)
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Comer subpoenas Hunter Biden art dealer, business associates for testimony as part of ongoing probe
next post
Stock Market Still Has Legs, Bitcoin Sees a Breakthrough Rally: Is the Market On the Mend?

You may also like

This Industry Group Outperformed the S&P 500 by OVER 120%...

December 13, 2023

Why This S&P Support Level is SO IMPORTANT

October 8, 2024

Two Big Signs of Stagflation

March 23, 2023

Why NVDA’s Stock Price Shift Could Be Your Gain!

February 11, 2025

Demystifying Tariff Impact: Essential Insights for Every Investor

April 5, 2025

The Bullish Case for Gold

February 18, 2023

These SURPRISING Sectors are Showing Strength

June 4, 2024

The Case for Small-Caps as Major Indexes Test Overbought Conditions

November 17, 2023

Carvana Stock Is Picking Up Speed. Is Now the Time...

July 15, 2024

SPY Reverses Long-term Uptrend with Outsized Move – Now What?

March 14, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Larry Williams is LIVE! How to...

    August 4, 2023

    Will NFLX Pierce Through Resistance With...

    April 17, 2024

    What Loss?! NVIDIA and ORACLE Rip...

    March 13, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here