QQQ vs SPY reached DOTCOM BUBBLE levels - expect a pullback
Colleagues,
QQQ has been demonstrating a divergence since FEB. In addition, it seems that we have reached the same ratio levels between QQQ and SPY as in 2000s.
Therefore, I expect QQQ to experience a small pullback. I don't think it will be a crash per se, as these technology companies are earning real money these days, but nevertheless a 23 or 38 level Fib retracement would be healthy.
QQQ has been demonstrating a divergence since FEB. In addition, it seems that we have reached the same ratio levels between QQQ and SPY as in 2000s.
Therefore, I expect QQQ to experience a small pullback. I don't think it will be a crash per se, as these technology companies are earning real money these days, but nevertheless a 23 or 38 level Fib retracement would be healthy.
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