amazing how TA works. the Q’s hit, to the exact penny, the first target that i’ve had in place for exactly two months now before bouncing. as usual, most of the early targets are put in place as i believe those levels to be significant enough support to likely cause a reaction (bounce). those levels are also useful for active traders that prefer booking quick profits while the higher targets are typically for longer-term swing traders.
how far this bounces goes is hard to say but i will dig into the intraday charts and some other market metrics to try to determine that. i do not expect this bounce to be very large in time or scope. in fact, the only changes that i might consider here are rolling some of my nov QQQ puts forward a month or two as i believe T1 (edit: meant to type “T2“) will likely only be a temporary speed bump on the Q’s path to T3. however, i do not plan on becoming complacent here with the US election just weeks away as we’ve felt the heavy-hand of gov’t intervention in this market nearly all year and there’s no reason to expect them to sit idle at this point. i did, however, want to point out that T1 has now been hit for those planning to book some profits at that level.
