Will leading stocks like Nvidia (NVDA) follow Microsoft (MSFT) and other stocks to new all-time highs? Or will our growth-oriented benchmarks find resistance at their summer 2023 price peaks?
In today’s video, we’ll present four potential outcomes for the Nasdaq 100 ETF (QQQ) over the next six to eight weeks. From the very bullish scenario (QQQ > 400) to the super bearish scenario (QQQ < 345) and everything in between, we’ll discuss what macro factors could cause these different outcomes.
If we see an expansion in new 52-week highs, driven by growth stocks such as NVDA, GOOGL, and SPOT, then a new high for the QQQ seems a very likely scenario. Strength tends to beget further strength, and this market could certainly move higher into year-end 2023 if the mega cap growth trade keeps working.
What if the Nasdaq 100 turns lower, and the recent price gap around $380 for the QQQ does not hold? Then we could unlock the more bearish market scenarios, with weakening breadth confirming a downswing that creates a huge double top for our major equity benchmarks. While the seasonal trends remain strong in November and December, there is always a chance that market ignores the calendar and just moves lower!
Which scenario do you see as most likely and why?
Once you watch the video below, drop a comment with your vote along with your justification for that outcome. And remember, the goal is not just to be correct in your market call, but to force yourself to think through different potential scenarios. By considering various market outcomes, you’ll be much better prepared when an unlikely series of events actually play out.
$QQQ Nasdaq 100 Index ETF: New Highs Soon?
$QQQ Nasdaq 100 ETF Trading Chart
Twitter: @DKellerCMT
The author may have positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
