As shown in the graph, there is always an upward channel formed since Dec,19. Almost everytime QQQ rebounds from the lower end of the channel, with exceptions from price during the corona fear. However, this time QQQ fell from the support line again, yet there isn't too much corona fear this time. Though MACD is suggesting that QQQ is at an overbought territory, RSI seems pretty low relatively, when you compared RSI of QQQ now with that from earlier days(Jan27, Jan31). So according to my opinion, there should be a rebound on next monday to the earlier support line @234.27. Yet its still possible to reach 227.19 on Monday. So my suggestion is to load up QQQ calls if it ever reached 227.19. If there is any rebound, I would suggest you to wait and watch how does QQQ move later. If it manages to close above 234.27, it might be wise to load up calls from that place as well.
Comment:
Gotta update a little bit for this one. Just read the news about the corona infection in Italy. Hope any Italian friend can do well during this time period. But back to the chart. What my expecation for Monday is now changed. There would probably be no entry point, but flat crash. So basically, if the 227.19 line doesnt hold, then I would consider start shorting.