QQQ: Week of Aug 7Taking a look at the totality of everything, I believe this is actually a short.
While SPY found support on its 3 month bull threshold, at least momentarily (see chart below):
QQQ has broken below it:
This puts our immediate target at 363.
That said, I do expect a re-test or attempt at re-testing this bull threshold.
Why? Because the forecasted range over the next 30 hours of the active trading session puts us at seeing a target of 375.
The best setup if you are not already short on QQQ is to wait for a re-test of the bull threshold, wait for CONFIRMATION of rejection and then catch it.
Else, if we break back over it and hold it, then we are going to be going for those high targets.
The implied range from options is pretty broad here as well. We do have some catalysts next week to pay attention to, most notably CPI.
Otherwise, the chart has all the levels you should be paying attention to.
Safe trades everyone and as always leave your comments and questions below!
