Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

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

by November 10, 2023
November 10, 2023
QQQ Breaking Out Again;  Watch This Key Component Stock As It Breaks Out Too

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

0
FacebookTwitterGoogle +Pinterest
previous post
Commercial-to-Residential Zoning Reform Gains Steam
next post
The Perils of the Hegemon

You may also like

Stocks in Focus: Three Stocks Primed for Explosive...

March 15, 2025

GNG TV: Inflation Interpretation Weighs Heavily on Stocks

September 15, 2022

Big Tech Earnings, Fed Meeting, Jobs Report: Will...

July 30, 2024

Useful (Multi)Utilities

January 6, 2023

Recognize The New Leaders NOW!

August 31, 2024

A Fresh Look at Precious Metals

August 4, 2023

CRITICAL Week Ahead for S&P 500

August 13, 2024

This Housing-Related Stock Just Printed a 5 for...

August 24, 2024

Tech ETFs are Leading Since April, but Another...

June 7, 2025

Will the Banking Sector Collapse Bring Down the...

March 11, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

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

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.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 © 2025 futureretirementsuccess.com | All Rights Reserved