On the back of the AI frenzy, traders have pushed the QQQ up to Fib resistance and unfilled gaps are within spitting distance of being filled. the SPX also has an unfilled gap at 418. My guess is that these gaps get filled (at least the 348.5) on QQQ and then the market takes a breather after an extraordinary run. Price is trading outside the rising wedge fueled by a 20% gain in the SMH over two weeks and the tech titans flexing their muscle. The Russell 3000 has half of their constituents trading below their October levels and the Russell 2000 can barely gain any traction. Not calling any direction here but pointing out that the QQQ is likely due for a breather before any further advance.
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348.5 gap gilled....one more above
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SPY August 2022 down gap filled and opening up gap for today also filled. 3 unfilled up gaps below. I expect some volatility soon.