Comments on: /NQ QQQ Nasdaq 100 Closes On Support/Price Target

By: trade0039

trade0039 — Fri, 18 Aug 2023 14:08:50 +0000

In reply to trade0039. Can someone verify this in other platforms? Ty!

By: Scott

Scott — Fri, 18 Aug 2023 14:03:45 +0000

In reply to AP. Yeah. What you were "supposed" to be doing the past two weeks is going long in one account, and then holding a bunch of shorts in another account. That's the Phinney way.

By: trade0039

trade0039 — Fri, 18 Aug 2023 13:08:32 +0000

It seems now the Bullish divergence on SPY and QQQ in both 15 min and 1 Hour TF has been burned including in /ES and /NQ futures too

Can you please re-verify this Randy?

Thanks!

By: AP

AP — Fri, 18 Aug 2023 11:36:56 +0000

So… Bounce trade officially dead ?

By: Jeff Vandenburgh

Jeff Vandenburgh — Fri, 18 Aug 2023 02:37:12 +0000

With no news events tomorrow, and with SPY and QQQ solidly below weekly expected ranges, there is more likelihood of another very big down day as gamma squeezes to the downside, as all of the puts that market makers are short have to be hedged through the shorting of S&P and Nasdaq futures. In addition, any reprieve in the selling of equities, as well as bonds, may be short-lived, as the reason for the sell-off isn’t stopping any time soon: the Treasury is re-funding the Treasury General Account by issuing hundreds of billions of dollars in Treasury bonds. The market is unable to absorb such a shock to liquidity, and therefore, there will likely be more downside sooner than later. Another 4% down in SPX gets it to 4200 where there is decent support. Before then there is the quarterly pivot and a prominent June low between 4315-4330 in SPX, but the momentum may be strong enough to slice right through that zone.

By: Mikeflegel

Mikeflegel — Thu, 17 Aug 2023 21:35:01 +0000

What is the case behind a bounce tomorrow. Normally don’t these massive de clients happen in days. Thanks

By: rsotc

rsotc — Thu, 17 Aug 2023 20:38:12 +0000

The QQQ 60m chart wasn't yet inserted when this post was published but has since been included & can be view above. Note the previous reaction highs & lows which define that support level, with QQQ making a near-perfect hit & close on that level while /NQ only slightly (~1/2%) undercut its comparable support level at the close today. Key levels to watch tomorrow IMO.