The QQQ had a nice bounce this morning, up +1.40% at one point, following a rough couple weeks after breaking below the bear flag channel on Sept 13.
Bull targets:
- Bull target #1 gap @ $280
- Bull target #2 gap @ $283.50
- Bull target #3 9EMA resistance @ $285
Bear Targets:
- Bear target #1 BF measured move @ $260ish
- Bear target #2 Feb 2020 high pre-cov @ $238
Things to note:
- 9SMA sloping down on the daily is very bearish
- breaking the BF channel this aggressively means high prob the measured move plays out IMO
- RSI oversold on daily, gap fill would allow it to cool off & recalibrate, but no guarantees
- Got our first test of the June support this past Friday Sept 23
I added a few contracts to my PUT position this morning with the +1.40% bounce & will add more if we hit our #2 & #3 bull targets.
Bull targets:
- Bull target #1 gap @ $280
- Bull target #2 gap @ $283.50
- Bull target #3 9EMA resistance @ $285
Bear Targets:
- Bear target #1 BF measured move @ $260ish
- Bear target #2 Feb 2020 high pre-cov @ $238
Things to note:
- 9SMA sloping down on the daily is very bearish
- breaking the BF channel this aggressively means high prob the measured move plays out IMO
- RSI oversold on daily, gap fill would allow it to cool off & recalibrate, but no guarantees
- Got our first test of the June support this past Friday Sept 23
I added a few contracts to my PUT position this morning with the +1.40% bounce & will add more if we hit our #2 & #3 bull targets.