Price moving up in a tight channel (blue). Plenty of room to the upside.
MACD bullish crossover with RSI trending up as well.
Anchored VWAP off recent low coincides with volume shelf at 10,000 could be a support level.
Short term bullish until 10,000 gives or channel is lost.
Even if there is a short term pullback following the recent move to the highs, I expect 10,000 to hold limiting risk to the downside to around 3-4%.
MACD bullish crossover with RSI trending up as well.
Anchored VWAP off recent low coincides with volume shelf at 10,000 could be a support level.
Short term bullish until 10,000 gives or channel is lost.
Even if there is a short term pullback following the recent move to the highs, I expect 10,000 to hold limiting risk to the downside to around 3-4%.
Comment:
Comment:
Very strong move higher within the orange smaller time frame channel.
The top of the blue channel could provide some resistance and it coincides with the daily RSI entering over purchased levels. I am still bullish, but I think the rate of climb could flatten out a bit with a move across the channel. A break above the top of the blue channel, rather than a flattened move across the channel, would be extremely bullish so long as the top of the channel acts as support. Then the potential for a more exponential climb is in the cards.
As far as risk is concerned, if price breaks down from the orange channel, then I would expect 10,000 to be strong support if the 10,300 level doesn't hold ups first.
Still bullish.
Very strong move higher within the orange smaller time frame channel.
The top of the blue channel could provide some resistance and it coincides with the daily RSI entering over purchased levels. I am still bullish, but I think the rate of climb could flatten out a bit with a move across the channel. A break above the top of the blue channel, rather than a flattened move across the channel, would be extremely bullish so long as the top of the channel acts as support. Then the potential for a more exponential climb is in the cards.
As far as risk is concerned, if price breaks down from the orange channel, then I would expect 10,000 to be strong support if the 10,300 level doesn't hold ups first.
Still bullish.
Trade active:
holding:
QQQ $265 calls 7/10 exp currently at $0.54 each
QQQ $265 calls 7/17 exp currently at $1.69 each
QQQ $265 calls 7/10 exp currently at $0.54 each
QQQ $265 calls 7/17 exp currently at $1.69 each
Comment:
Buyers rushed in to save the rally here.
Buyers rushed in to save the rally here.
Trade active:
QQQ $265 calls 7/10 exp currently at $0.31 were at $0.54 last post.
These likely will not reach target, they looked good at open today but there was a massive sell off that stunted the rally.
QQQ $265 calls 7/17 exp currently at $2.70 were at $1.69 last post.
These could surpass target by expiration. My one hesitation is the is a bearish divergence on the 4 hour RSI, coupled with the fact that NQ is so high against the top of the channel. The buying at the 10550 level looks to be a support pad. I anticipate price will continue sideways a bit, rather than pump through the top of the channel. Approach for now is to sell at open tomorrow, and wait to see if it can break the channel top. Buy back then if it does, price won't change much. If it goes sideways, I don't want to hold the calls because of decay.
These likely will not reach target, they looked good at open today but there was a massive sell off that stunted the rally.
QQQ $265 calls 7/17 exp currently at $2.70 were at $1.69 last post.
These could surpass target by expiration. My one hesitation is the is a bearish divergence on the 4 hour RSI, coupled with the fact that NQ is so high against the top of the channel. The buying at the 10550 level looks to be a support pad. I anticipate price will continue sideways a bit, rather than pump through the top of the channel. Approach for now is to sell at open tomorrow, and wait to see if it can break the channel top. Buy back then if it does, price won't change much. If it goes sideways, I don't want to hold the calls because of decay.
Trade closed manually:
Forgot to update this. The pullback to 10,300 worked out as support and now on to higher highs. Will make a new post shortly.