QQQ False Breakout

٨ نوفمبر ٢٠٢٣

Buying PUTs on the QQQs
QQQ DEC 22
370 PUT LIMIT $7.55
Thesis:

• Sesonality, stocks tend to pull back mid-October in pre-Election Years.
  
• RSI tuned negative even though reaching a higher high on the QQQs.
  
• Big tech names like TSLA, NFLX tightening after big moves up.
  
• False breakout of the lower channel matches today's pivot at the top of the channel. (Purple boxes.) False breakouts happen at both channels' ends by the same measured moves.
  
• 374 area was firmly rejected previously. Strong resistance.