Instead of stopping out on the gap down below the 285 support level on QQQ, I’m buying the dip on the false CPI print, adding to $NDX longs with stops on this morning’s lot if QQQ fails to regain (or at least rally back close to) the 285 level by the close today (and stops TBD on the remaining position). More on the false CPI report later although I pretty much covered it yesterday, highlighting the sharpest monthly drop in commodity prices, including & especially energy, in years last month (which is in direct contrast with the June CPI report released today) . 60-minute chart of QQQ below.
QQQ 60m July 13th