The NASDAQ 100 ETF $QQQ continues to move higher, hitting a new all-time high again. As of this article being written, the QQQ is trading at $243.23. The NASDAQ 100 max move level has not yet been hit. It seems like money flow will drive key technology stocks like Apple (AAPL), Alphabet (GOOG) and Microsoft (MSFT) higher forever. As the Federal Reserve has committed to buying debt (even very distressed debt like Hertz (HTZ) and J.C. Penney (JCP)), money has been even more committed to buying as there is really not catastrophic risk anymore.
So where will the NASDAQ 100 max move level be? The answer to that can be found in the daily QQQ chart by connecting the major pivot high from September 2018 to the major pivot high from February 2020. Once connected, a major trend line emerges that appears to tell us that $250 is the likely target. While insane in terms of vertical move, while insane in terms of valuation, the market shows no major signs of topping on the QQQ until that level. This is the NASDAQ 100 max move level to watch.
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