Comments on: /NQ & QQQ Next Sell Signals Pending

By: Pbathula

Pbathula — Tue, 06 Jun 2023 15:58:19 +0000

In reply to becky. short ideas/trade setups not working

By: trade0039

trade0039 — Tue, 06 Jun 2023 01:22:50 +0000

In reply to G. Good advice!

By: G

Tue, 06 Jun 2023 00:08:05 +0000

In reply to trade0039.

True, I agree it’s easy to get carried away with some of these Analyst’s videos. Watch something from a very bullish analyst too.. That can help balance the weight of the talking head perspective. For example, in the second week of March Jim Cramer said something like ,” short the NASDAQ and invite me to your funeral”. We was very confident the NQ wasn’t going to tank and had good reason to think so. Clearly he’s having the last laugh here There are other perma bulls too (just like Randy is mostly a perma bear). It’s the counter perspective that helped me skip Randy’s NQ collapse prophecy at the time

By: trade0039

trade0039 — Mon, 05 Jun 2023 22:42:04 +0000

Not sure what the Catalyst can be for the 30% drop. I hope it happens. The are some videos on youtube where they interviews professionals veteran traders and they are saying that the SPY could drop 94% from here and for Qs even more. While this interview occurred on March, Qs has rallied 13% from that time. At this point I think we should not rely on anyone but yourself and I am in a continuous process of learning.

My take would be to just hear what they have to say and make your own decisions but also when you watch such videos, it tends to cloud your judgement and leans towards their believes too.

By: becky

becky — Mon, 05 Jun 2023 20:37:27 +0000

Keep drawing. We’re down 20% ytd on those shorts

By: Scott

Scott — Mon, 05 Jun 2023 20:05:23 +0000

In reply to rsotc. I can't see things getting out of hand before a quad witching. I think that's only happened once over the past three years. VIX expirations have played an increasingly big role during that same period. Market makers have been mopping the floor with theta and short gamma through these events.

By: rsotc

rsotc — Mon, 05 Jun 2023 19:54:39 +0000

In reply to Scott. Fed in blackout period & personally, I expect no hike at the next meeting but I don't try to trade around the economic calendar, rather the charts (technicals). As of now, my current final target (T3) would be about a 5% drop although I think this /NQ QQQ short can be 'gamed' on the way down, with tradable bounces off each of the supports/targets, particularly T2, which I'll likely be reversing to long if & when hit and may or may not reverse back to short after the bounce. Likewise, if I do short down to T3, I may add additional targets if & as we approach it as the daily charts still support a decent case for a 30%+ drop from here IMO.

By: Mikeflegel

Mikeflegel — Mon, 05 Jun 2023 19:47:25 +0000

I tend to agree with on those two points. However, once something has become everyone is on top of it. Randy appears to be able to get in front of the crowd safely mode safely most times. With all due respect and keeping in mind the run upsense January 3rd and pretty much everything? Do you think that you’re underestimating the momentum of this upmove

By: Scott

Scott — Mon, 05 Jun 2023 19:34:16 +0000

In reply to Scott. I.e. June 22nd and June 26th.

By: Scott

Scott — Mon, 05 Jun 2023 19:28:36 +0000

Looking ahead on the calendar… I’m not seeing the timing aligning for precipitous downside. I see that wedge on QQQ but I also see CPI next Tuesday, PPI and the Fed next Wednesday, a quarterly quad witching the following Friday, and the June VIX contract expiring in about two weeks. Just throwing that out there.

We had a nice window after last month’s Opex & the May VX contract expiration for downside (between May 22nd thru this week). That didn’t happen. I’d rather wait until after this month’s quad witching and VX expiry before taking swings at shorts.

https://rightsideofthechart.com/wp-content/uploads/bpfb/2910_0-11663500-1685993156_june23.png