QQQ (Nasdaq 100 ETF) hit the top of my “preferred” bounce target zone, which is both price resistance & the 38.2% Fibonacci retracement of the move down from the recent ATH to the recent lows. Those that reversed recently (covered shorts & went long to game the bounce) might consider booking partial or full profits, raising stops (if holding out for my ‘maximum bounce target zone, or more) and/or begin/continue scaling back into short positions and/or the $VIX indirect hedge (via /VIX, VIXY, or any of the other $VIX proxies). Previous & updated 60-minute charts below.
QQQ 60m March 24th
QQQ 60m March 25th
On an admin note; My surgery went well today although I will be overnighting in the hospital, returning home tomorrow. Updates will resume asap, depending in if/how the pain meds that I’ll be on for the remainder of the week affect me although I suspect I’ll be back up & running by tomorrow afternoon.