Today may or may not be the bounce that was expected off of the bearish developments last week. If so, or in the event such a bounce materializes this week I wanted to put some parameters down on the QQQ.
Big tech has not gotten nearly over sold enough to put in a serious bottom in my opinion. But a bounce can take it up to the 96 to 98 area, which could be an opportunity to short for a subsequent decline to a good bottom.
QQQ is finding some support at the August lows, but the very temporary poke below that level could be a guide for the future; a scout for future price exploration if you will. QQQ has made a series of lower highs and lower lows since September and could be worth a shot from the short side (straight up short, leveraged ETF, put options) per the parameters below.
Sell Short Target: 97 to 98 (very low risk would wait for 98, though it may not get there)
Downside Price Target: 92 +/-
Stop Loss: Above 98.50 as suits risk tolerance (I would be strict on it, personally)
I remind you that NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested.
