QQQ has now made a “full” tag of T2 (LOD 413.26) so odds for a late-session rally still favorable IMO. Not adding but sitting tight on the partial long position from earlier for a potential late-session bounce trade. Can’t get too aggressive on the long side for counter-trend bounces just yet, now that The King (of all things AI, NVDA) has finally triggered a solid sell signal. Tons of stops/longs getting blown out on that break below 840 today, no bueno for the stock market when the most over-loved, over-owned, & basically the largest (market-cap) meme stock in the history of the world rolls over. As such, typical swing traders might opt to continue to sit tight & ride out any counter-trend bounces today and into next week unless we get some solidly bullish technical developments (e.g.- NVDA back well above 840; QQQ back well above 433, etc..)
QQQ daily 2 April 19th
QQQ consolidated early but couldn’t rally with “The King” (NVDA) bleeding like a cut artery all day after losing the key 840 support as shown on this 1-minute chart below.
NVDA 1m April 19th
As expected, NVDA (and the stock market) gave up the ghost as soon as my key 840 support was taken out & although my first downside target on the daily chart remains 742, the buyers might step in here at the 771 minor support on this 60-minute chart (or next support at 744).
NVDA 60m April 19th