QQQ Critical Resistance Test
Much line NQ, QQQ has an ascending channel/wedge. I consider this 450 area to be incredibly important for price action in the near future. This is similar to what we're seeing on ES as well. There are a lot of names that have retraced the dump from Monday and are sitting right where they started.
This is make or break for bears. Bears have not had the best time over the past year, but finally got some relief this week. I think we're at a critical spot where if bears can't hold, they're just going to get squeezed again. If they manage to push QQQ back down below Monday's and April's lows, they may finally turn this thing around and send it down for the majority of this fall.
This is make or break for bears. Bears have not had the best time over the past year, but finally got some relief this week. I think we're at a critical spot where if bears can't hold, they're just going to get squeezed again. If they manage to push QQQ back down below Monday's and April's lows, they may finally turn this thing around and send it down for the majority of this fall.
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. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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