Tech Indecision:  

Technology is going to have to gather itself if the market is going to make a year-end run. If I had a dime for every time I heard someone suggesting that was about to occur I would not need to be trading. At the same time, I have not heard such a strong chorus of negative sentiment, which could be positive. I tell anyone who asks what is the catalyst for going higher, and I tell them that is it. Below is the daily chart of the QQQ and it certainly feels heavy. Is it too obvious, as we know the old Granville quote “If it’s obvious it’s obviously wrong.” The WEEKLY chart suggests the handle in the cup, or the bull flag, is getting a bit long in the tooth. Bulls can have a glimmer of hope with the ADX line still above 25, but pointing lower, and notice signals on the ADX amount to just 2 since the start of 2022. The bearish crossover, red above green, was an excellent call of a top and the bullish crossover in the historic January for tech was a beauty too. The lines are basically kissing each other here and watch to see if next week records a rare cross.

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