QQQ Technical Analysis and GEX Insights for Option Trading
Technical Analysis (TA) Overview:
* Timeframe: 4-hour chart.
* Current Price Action: QQQ is consolidating after a sharp recovery from recent lows near $500. Key resistance at $533.82 and support at $499.61.
* Trendline Breakout: Prices are respecting an upward trendline, indicating strength. However, potential resistance near $523, as highlighted by historical levels and GEX walls.
* Indicators:
* MACD: Positive crossover, signaling bullish momentum.
* Stochastic RSI: Near overbought levels, which may suggest potential pullback or sideways consolidation.
Key GEX Insights for Options:
* Gamma Resistance Levels:
* $533.82: Highest positive NETGEX resistance.
* $523: Second CALL wall with significant gamma concentration.
* Gamma Support Levels:
* $510: Third PUT wall with 78.45% gamma exposure.
* $500: Strong PUT wall, marking critical support at 89.78% NETGEX.
* Implied Volatility (IV):
* IVR: 21.4, indicating moderately low relative volatility.
* IVx Average: 23.6.
* Put-to-Call Ratio: Skewed bearish with 31.6% puts, suggesting hedging activity.
Actionable Trade Setups:
1. Bullish Scenario:
* Entry: Above $523 after confirmation of breakout.
* Target: $533.82, aligning with gamma resistance.
* Stop-Loss: Below $520, accounting for a false breakout.
2. Bearish Scenario:
* Entry: Below $510 with increasing selling pressure.
* Target: $500, gamma support zone.
* Stop-Loss: Above $513.
Key Notes for Traders:
* Gap Risk: Prices might gap up/down at market open due to overnight data or sentiment. Adapt your plan accordingly.
* For updated setups during market hours, feel free to message me directly.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your due diligence and trade responsibly.
* Timeframe: 4-hour chart.
* Current Price Action: QQQ is consolidating after a sharp recovery from recent lows near $500. Key resistance at $533.82 and support at $499.61.
* Trendline Breakout: Prices are respecting an upward trendline, indicating strength. However, potential resistance near $523, as highlighted by historical levels and GEX walls.
* Indicators:
* MACD: Positive crossover, signaling bullish momentum.
* Stochastic RSI: Near overbought levels, which may suggest potential pullback or sideways consolidation.
Key GEX Insights for Options:
* Gamma Resistance Levels:
* $533.82: Highest positive NETGEX resistance.
* $523: Second CALL wall with significant gamma concentration.
* Gamma Support Levels:
* $510: Third PUT wall with 78.45% gamma exposure.
* $500: Strong PUT wall, marking critical support at 89.78% NETGEX.
* Implied Volatility (IV):
* IVR: 21.4, indicating moderately low relative volatility.
* IVx Average: 23.6.
* Put-to-Call Ratio: Skewed bearish with 31.6% puts, suggesting hedging activity.
Actionable Trade Setups:
1. Bullish Scenario:
* Entry: Above $523 after confirmation of breakout.
* Target: $533.82, aligning with gamma resistance.
* Stop-Loss: Below $520, accounting for a false breakout.
2. Bearish Scenario:
* Entry: Below $510 with increasing selling pressure.
* Target: $500, gamma support zone.
* Stop-Loss: Above $513.
Key Notes for Traders:
* Gap Risk: Prices might gap up/down at market open due to overnight data or sentiment. Adapt your plan accordingly.
* For updated setups during market hours, feel free to message me directly.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your due diligence and trade responsibly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.