skktrader

QQQ as of Nov 17, 2020

Long
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
The Nasdaq will test the temporary top resistances at 297. 40 and 299.78. There was a temporary rotation out of tech after the vaccine announcements, but given that it will take time for the vaccine to be administered, tech will remain strong for the next several months, at least. The results of the Georgia senate race are irrelevant or priced in as if the Dems win, we will see significant stimulus or if the GOP wins, we will see significant collaboration, which the market likes in either scenario.

If the price does break through, these resistances will become the new bottoms. We may see some selling near the Softbank whale top of 303.60 and thus volatility for roughly one month after. After this, Nasdaq will see a slow organic growth upwards for half a year, at least. After this, macro conditions will change and it is beyond scope to predict.
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