QQQ (Nasdaq 100 tracking ETF) will be added as an Active Short trade here around the 173 level following the impulsive rejection off the 178 resistance level & fade of Tuesday’s short-covering rally.
QQQ daily Oct 18th
This is the same QQQ daily chart that I shared with members of the site the other day, citing an objective, but unofficial short entry on the bounce back to the 178 resistance level. However, I have revised the price targets, eliminating the previous first target at the 166.75 support level with T1 now set at 160.78 & T2, my preferred & final swing target, at 154.08.
The suggested stop for this trade is any move above 182.00 with a suggested beta-adjusted position size of 1.0. Those opting to use a leveraged ETF, such as QID (2x short) or SQQQ (3x short) might consider factoring in the leverage when determining their position size.