Consolidation

Looking back at the last few notes (Aug. 26, Aug. 29, and Sep. 3), the theme was always “Strength in Pause.”

Today we use a new word: “Consolidation.” The meaning is the same. In short:

“The market is still strong, because market depth is not yet a problem.”

1. Key Observation: QQQ meets resistance

In the outlook for the first trading day of September, many worried about an immediate drop.

But we gave the target of QQQ rebounding to 580 first.

In the past few days, QQQ touched this level exactly.

• 580 = Major resistance. Breaking it before Sep. 17 will be difficult.

• Downside also limited. A deep drop before Sep. 19 is unlikely.

So now the market is moving in a wide range: 560 – 580.

Within it, 574 is the key pivot.

2. How to read this consolidation

It is simply a supply–demand battle:

• Above 574 → Upper half of the range. Bullish bias, but facing resistance.

• Below 574 → Lower half of the range. Supply pressure is stronger.

Risk/reward is low here:

• Limited upside left.

• But a break below 560 before Sep. 19 is also unlikely.

In short, this is a setup of “no big rally, no big drop.”

3. Why it matters

A. Do not chase “clarity.” It is an illusion. Markets are never fully clear. Real clarity comes from discipline and mindset.

B. Key price levels: 580 (resistance), 574 (pivot), 560 (support).

C. Seasonal backdrop: September is usually weak, but often shows choppy swings, not a straight drop.

Final note

As we enter September’s seasonal test:

• Keep discipline.

• Respect the range.

• Do not get misled by short-term moves.

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