Comments on: QQQ Hits & Reverses Off Gap Support

By: Ken

Ken — Thu, 26 Mar 2020 20:04:14 +0000

Incredible, 192.72 on QQQ, ON THE MONEY… high of the day 192.72…. target achieved. Bought a put right when I saw that.
Nice work, Randy!

By: jwconk

jwconk — Thu, 26 Mar 2020 16:05:19 +0000

I plan to put on a short position at 192.2

By: cityseeker

cityseeker — Thu, 26 Mar 2020 14:35:57 +0000

In reply to herreradamian54. PPO still above the line

By: Nana

Nana — Thu, 26 Mar 2020 14:12:24 +0000

In reply to rsotc. @rsotc Thanks Randy. Once we reach these target levels (QQQ = 192.72)...What will be further direction of market.. Please, can you let us know..accordingly we will setup our next move too.

By: B-Right

B-Right — Thu, 26 Mar 2020 14:00:18 +0000

@rsotc: Is the 192 target still the preferred target at this time Randy ?

By: herreradamian54

herreradamian54 — Thu, 26 Mar 2020 13:59:31 +0000

@RSOTC DO U PLAN ON GOING SHORT ONCE TARGET 192 IS REACHED ON QQQ. OR SPY EQUIVALENT

By: echo098

echo098 — Thu, 26 Mar 2020 13:52:30 +0000

In reply to rsotc. Do you think QQQ will pull back to 183 or 179?

By: rsotc

rsotc — Thu, 26 Mar 2020 13:48:44 +0000

Note how QQQ gapped up about 2.6% above the key gap support around 179 that it was trading on all morning in the pre-market session until the 8:30 Durable Good report. This is a good example of the benefits of either trading futures (which trade around the clock) or taking advantage of pullbacks to support, rallies into resistance, or price targets being hit in the pre-market or after-hours sessions. Volatile markets often deny objective entries & exits on trades to those only trading during the regular session.

First chart below is the 30-min QQQ chart from the post above, taken during the pre-market session with the 2nd chart the updated 30m chart without the pre-market trades.

BTW- /NQ just rallied into the 7620 resistance level & /ES into the 2502ish R level, with what will likely prove to be a brief momo-fueled overshoot. Looking for a quick & relatively minor (but tradable) pullback here, followed by another leg up.