QQQ - Parabolic Move Hasn't Even Started?
Hello Traders!
QQQ...pretty much everyone's favorite this year right?
NASDAQ has been melting up this year and has been setting new ATHs since the March lows.
If we take our trading sessions back a few weeks. We were looking for a pullback at $270 level and a retest of the major breakout zone of $237 support. However, this thing just set a new higher low and rallied up to our last ATH level above $300.
Current important level we're watching is the $270 support as this was the new breakout zone that should be retested to make moves higher.
We're half positioned on the long side when the market flushed down and entered on the bounce at $276. We did not enter a full position because of the long weekend also because we know that QQQ could easily retest the lower support at $237 levels if it really wanted to.
When the market opens on Tuesday we'll be looking for further confirmation to the upside to enter our full position. If the market fails to bounce when we come back. We'll be looking for a setup on the downside with candles closing below $270.
*Tech bubble is real but you also have to look at the macros. Where is the money flowing to? On friday we saw the 10yr and 30 yr pop meaning money is leaving the bonds. Only place to make yield is the US stock market and the most popular place to bet your money is the NASDAQ this year. A lot of money is STILL on the sidelines due to uncertainties and are ready to jump into the next opportunity. We believe that all this money will pour back into the stock market as we're in a new BULL market. QQQ might look crazier in the next few weeks/months. Bubble is real but perhaps it's not ready to pop yet. Party continues.
Stay safe, practice good risk management, and do not chase!
*NOT A FINANCIAL ADVICE, THIS IS JUST OUR PERSPECTIVE AND WE DO NOT RECOMMEND ANY TRADES WE PUBLISH ON OUR CHANNEL. YOU WILL LOSE MONEY.
QQQ...pretty much everyone's favorite this year right?
NASDAQ has been melting up this year and has been setting new ATHs since the March lows.
If we take our trading sessions back a few weeks. We were looking for a pullback at $270 level and a retest of the major breakout zone of $237 support. However, this thing just set a new higher low and rallied up to our last ATH level above $300.
Current important level we're watching is the $270 support as this was the new breakout zone that should be retested to make moves higher.
We're half positioned on the long side when the market flushed down and entered on the bounce at $276. We did not enter a full position because of the long weekend also because we know that QQQ could easily retest the lower support at $237 levels if it really wanted to.
When the market opens on Tuesday we'll be looking for further confirmation to the upside to enter our full position. If the market fails to bounce when we come back. We'll be looking for a setup on the downside with candles closing below $270.
*Tech bubble is real but you also have to look at the macros. Where is the money flowing to? On friday we saw the 10yr and 30 yr pop meaning money is leaving the bonds. Only place to make yield is the US stock market and the most popular place to bet your money is the NASDAQ this year. A lot of money is STILL on the sidelines due to uncertainties and are ready to jump into the next opportunity. We believe that all this money will pour back into the stock market as we're in a new BULL market. QQQ might look crazier in the next few weeks/months. Bubble is real but perhaps it's not ready to pop yet. Party continues.
Stay safe, practice good risk management, and do not chase!
*NOT A FINANCIAL ADVICE, THIS IS JUST OUR PERSPECTIVE AND WE DO NOT RECOMMEND ANY TRADES WE PUBLISH ON OUR CHANNEL. YOU WILL LOSE MONEY.
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