Comments on: QQQ Rally Fade Trade 11-2-23

By: rsotc

rsotc — Fri, 03 Nov 2023 02:23:17 +0000

In reply to B-Right. While I can't yet say it is the start of a new leg down due to the fact the market closed at the HOD & a new weekly high today, I can say I think there is a decent, albeit, not very high chance that the market closed at or near the end of a counter-trend bounce that will soon be followed by another leg down that undercuts last week's reaction low. Hopefully, the market will show us its hand tmrw & into early next week but again, hard to rule out some more upside before the turn with QQQ still pointing straight up for another run at that key downtrend line off the mid-July highs.

By: Mikeflegel

Mikeflegel — Thu, 02 Nov 2023 21:52:00 +0000

In reply to Mikeflegel. How are you best playing tomorrow.

By: Mikeflegel

Mikeflegel — Thu, 02 Nov 2023 21:48:14 +0000

Is right about apple miss. Not so much of a fade. Good call randy

By: B-Right

B-Right — Thu, 02 Nov 2023 21:30:55 +0000

@Rsotc: Randy, do you think this is the start of the new leg down or just a minor pullback to 357 ish in QQQ ?

By: ajp17

ajp17 — Thu, 02 Nov 2023 19:55:29 +0000

In reply to rsotc. Looks like everyone is holding their cards for after hours...

By: rsotc

rsotc — Thu, 02 Nov 2023 19:33:58 +0000

QQQ starting to crack below the trendline, triggering an early sell signal with a solid 5m close below to firm it up. With QQQ needing to fall 1% by the close to hit my target, the drop will need to start soon & be swift if it is going to play out. With AAPL & others at resistance/previous bounce targets, I still think the odds are favorable for a late-session dump.

By: rsotc

rsotc — Thu, 02 Nov 2023 18:29:16 +0000

/NQ 15m chart with near-term pullback target, should we get a fade into and/or after the close today….