QQQ Long/Short Idea - Top 5 Weekly Trade Ideas #2
We saw a $6.5 MOC buy side imbalance on SPY last Friday, which led to a huge spike into close. QQQ had over $2 billion as well I believe. I don't think you can read much into the MOC movement, it's only good if you want to trade the final 10 minutes IMO. We'll see how it plays out, but as of now I believe the pop before close due to MOC will be retraced shortly.
Either way, I see a great setup on QQQ here, whether it ends up being short or long. QQQ had a nice bull flag breakout and even held on a retest. However, it has struggled a lot around the 477.75 area. If it is able to reclaim, I'd expect a squeeze to ATH at minimum. This level should lead to a decent sized move, whether the direction is up or down. I'll be looking for a break of 477.75 and a retest for a long. If it fails after all those attempts last week, I'd expect it to fill the gap below at 463.63.
Either way, I see a great setup on QQQ here, whether it ends up being short or long. QQQ had a nice bull flag breakout and even held on a retest. However, it has struggled a lot around the 477.75 area. If it is able to reclaim, I'd expect a squeeze to ATH at minimum. This level should lead to a decent sized move, whether the direction is up or down. I'll be looking for a break of 477.75 and a retest for a long. If it fails after all those attempts last week, I'd expect it to fill the gap below at 463.63.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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