QQQ continues descent to September lows

٢ نوفمبر ٢٠٢٠

QQQ, along with the rest of the market, has been in a bearish trend since mid-October. The factors that pushed this bear trend, namely the covid third wave and lack of another fiscal stimulus remain the key factors. As such there's no stopping the market until the next major support levels formed in the September market decline.

For QQQ that gives us a target around $260

There should be an opportunity for entry via a continued correction from Friday's dip until 271.80 or so. But the pace of the move is unpredictable and so is the timing which may happen pre-market.

Stop is at 50% of prior Thursday/Friday's move at $273.

Happy Trading!

٢ نوفمبر ٢٠٢٠

تم فتح الصفقة

This trade is moving as expected. Still time to get in now with wave 2 retracement to $269.

٦ نوفمبر ٢٠٢٠

أغلقت الصفقة: تم الوصول لوقف الخسارة

QQQ bounced off support of 100 SMA and market turned bullish.