Broke clean through resistance trendline but QQQ never did. If you look at the price action , you'll see the only reason spy pullback at 413 was because QQQ Stopped at 303 (See link).
Tech is in the driver seat here.
IWM and QQQ are both overbought on 1 hour charts so if this opens in the green I expect a pullback.. My pullback targets are 407.64 and 404.50
After that, the Spy will go as far as tech will push it. Next resistance or bullish targets after the pullback will be.
415 (Resistance from last summer)
418 (Fib levels using ATH and 2020 low)
422 gap close
So I think we NIKE check with a pullback then a final 3% leg higher.
Only if we close below 402 will this setup be negated.
This melt up has been crazy! Companies having crappy earnings are rebounding like there's nothing to see here (INTC) SMH.
I lost about 260k on long term shorts and it would've been alot worse if I didn't switch and Yolo 20k on 0DTE calls today .
Even still , I'm looking for a MAJOR correction in the coming weeks. This melt up reminds of of late summer 2020 when tsla and apple announced a split; no one thought the music would ever end then wham Sept 2nd 2020!
The Nasdaq is up 15% in 30 days!! And almost outside its weekly Bollinger bands😆 ; that's not sustainable with ETF's
Tech is in the driver seat here.
IWM and QQQ are both overbought on 1 hour charts so if this opens in the green I expect a pullback.. My pullback targets are 407.64 and 404.50
After that, the Spy will go as far as tech will push it. Next resistance or bullish targets after the pullback will be.
415 (Resistance from last summer)
418 (Fib levels using ATH and 2020 low)
422 gap close
So I think we NIKE check with a pullback then a final 3% leg higher.
Only if we close below 402 will this setup be negated.
This melt up has been crazy! Companies having crappy earnings are rebounding like there's nothing to see here (INTC) SMH.
I lost about 260k on long term shorts and it would've been alot worse if I didn't switch and Yolo 20k on 0DTE calls today .
Even still , I'm looking for a MAJOR correction in the coming weeks. This melt up reminds of of late summer 2020 when tsla and apple announced a split; no one thought the music would ever end then wham Sept 2nd 2020!
The Nasdaq is up 15% in 30 days!! And almost outside its weekly Bollinger bands😆 ; that's not sustainable with ETF's
Comment:
Looks like they will push this to Fib .236
At 418.20 today
Now outside daily Bollinger bands.
Vix has been cranking up since lunch.
I shorted QQQ at 310.60 2/10, should've went with 2/17.
1 day outside is Bband is rare but 2 days?
My only hedge is PFE calls I bought after earnings Nose dive which is moving like a 🐌 🐌 but I'm grateful considering the fire sell in XLV today
At 418.20 today
Now outside daily Bollinger bands.
Vix has been cranking up since lunch.
I shorted QQQ at 310.60 2/10, should've went with 2/17.
1 day outside is Bband is rare but 2 days?
My only hedge is PFE calls I bought after earnings Nose dive which is moving like a 🐌 🐌 but I'm grateful considering the fire sell in XLV today
412 target
416 stop loss