Bounced off 200sma
Friday and rallied up and near Wed and Thursday lows before pulling back.
With that being said, our nearest resistance would be 292.60, after that it's 294 and 297.
297 will be very tough, because of the 21ema and price action in that area. Only if we break over 298 could we close that gap at 301.
Also 20 ema and 20ema are around 296.50 area, so expect stiff resistance.
Short side - below 289.50 I like shorts to close gap at 287, below 287 and we back to 284..
The biggest mover for the QQQ is XLK sector. They held that 135 area friday and for the QQQ to hold 290 XLK will be crucial. If XLK loses 135 that would probably mean MSFT lost 248 support and if that happens this will get ugly.
Apple close below 200sma and still has a gap to close at 145.50. Apple is still sitting on its trendline support though and can afford to dip a few pennies and bounce..
Disclaimer, I'm long NVDA and CSCO 😉
Friday and rallied up and near Wed and Thursday lows before pulling back.
With that being said, our nearest resistance would be 292.60, after that it's 294 and 297.
297 will be very tough, because of the 21ema and price action in that area. Only if we break over 298 could we close that gap at 301.
Also 20 ema and 20ema are around 296.50 area, so expect stiff resistance.
Short side - below 289.50 I like shorts to close gap at 287, below 287 and we back to 284..
The biggest mover for the QQQ is XLK sector. They held that 135 area friday and for the QQQ to hold 290 XLK will be crucial. If XLK loses 135 that would probably mean MSFT lost 248 support and if that happens this will get ugly.
Apple close below 200sma and still has a gap to close at 145.50. Apple is still sitting on its trendline support though and can afford to dip a few pennies and bounce..
Disclaimer, I'm long NVDA and CSCO 😉
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