While I’d still like to see XLK (tech sector ETF) print a solid daily close below the uptrend line off the Dec 24th lows, I’ve seen enough bearish developments on QQQ & the majority of market-leading tech stocks over the past several trading sessions, including today, to go ahead an add QQQ as an official short trade around current levels.
QQQ 60-min 2 May 2nd
The price targets for this trade have been slightly revised from the targets laid out in 60-minute & 120-minute charts recently with T1 at 182.97, T2 at 180.77 & T3 at 177.74 (mistakenly label as a second T2 in the chart above). The maximum suggested stop* is any print of 192.22 (*max. stop if targeting T3, best to use a lower stop if only targeting T1 or T2). The suggested beta-adjusted position size for this trade is 1.0.