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Nothing More Than What I See!!!Well folks, I really put it out there today... 4 chart expectations... Last but not least, let's talk about NASDAQ:QQQ I am about a week late to this party and may have to readjust sooner than later on this one... I laid out some support levels in dark blue... Looks like Sloping Support is in tact... Visual test of Triple Top, does it break upward from there??? Anyone ever heard of Higher Lows??? I am Very Comfortable snagging NASDAQ:QQQ 494C expiring 9/27 on another Run To ATH Again, I don't know a darn thing... I'm just sharing what I see... Sorry for yall, the optometrist says I need glasses!!! I am by no means a professional investor, stock analyst, or financial advisor... I am a tier lower than an amateur beginning trader, so please do not jump into any recommended trades without doing your own research!
NASDAQ:QQQLong
by FliCityOptions
3
Analyzing Friday's Open Interest for Weekly Range1: Is the local high put and acts as a major support. QQQ 290 Notice all calls are smoked there, so they got squeezed first thing Monday. Sometimes it'll push past the high interest levels by a half measure if there's some opposing interest at or near the same strike. However the call interest is super low at and around 290. So this one stopped just shy, didn't print! That's the name of the game. Take from the many and give to the few. Skip to 3: Is the local high call and acts as a major resistance. QQQ 300 There's a fair bit of put interest here, but P/C at the strike is still ~ 0.5, call heavy. They could push it past this one a quarter or half measure(+1.25 or +2.5) to squeeze the puts. Especially if over all P/C OI is high, but it's fairly even at the moment, 1.23 Back to 2: Half way between high calls and high puts is a neutral zone that acts as a local max pain, where they burn theta from the high OIs. It tends to have a P/C close to 1.0, like QQQ 295 While 299 is max pain for all Open Interest, 295 is the local max pain and it became resistance today, despite opening there. So bias is to the bear side. Adding More call interest at the strike while P/C <1 helps the bear case. Tho it doesn't mean it necessarily continues down tomorrow. To burn more Theta it may hang out around 295 most of the week. 4: Another high call strike and where 95% of puts are smoked. QQQ 310 This is Maximum price potential this week, in the event of a short squeeze. It's also all the trapped bulls who opened calls last week. The calls are worthless, so no point closing them. I don't anticipate that strike printing, but it could get close in a wild bull run. They don't have much OI, but Tuesday through Thursday options look like 300 & 303 resistance. 280 285 and 290 support. Conclusions: It should test QQQ 295 again and maybe hang out on either side of it for a while until one side tips it. Most likely high for the week 300-303 range. Most likely low for the week 285-290 range and may already be in. Assessments: Generally, I'll be looking for support and resistance at various half measure between the major strikes, to determine which side it tests next. Depending on Timeframe you can look for half-measure tests at any increments, such as: half= xx5.0 quarter= xx2.5 eighth= xx1.25 Sixteenth= xx0.625 Thirty-second=xx0.3125 Sixty-fourth=xx0.15625 etc In Example: Beats 292.5 mid of 290-295? Test 292.61 the next 64th. Beat that test 292.8125 the next 1/32nd. Beat that tests 293.125 the next 1/16th. Beat that tests 293.75 the next 1/8th. This is midway between 292.5 and 295, so beat that and 295 test is highly likely. Beat 295, 300 test more likely. etc. Tho you can can still watch the smaller half-measure tests along the way to look for early resistance. I imagine QQQ 295 test first thing Tues. If it makes support there it'll test the 297.5 half measure then 300, perhaps 302.5/303 high for the week. If it finds 295 resistance it's back to test 290. If that fails MMs are in on the short as there's not much incentive to push it lower unless you're holding puts. However below that look for support at high puts 285, 280 and half measures between each strike. 280 would be maximum short potential this week, but I don't Anticipate it falling that far either.
NASDAQ:QQQ
by Nicklaus68
1