QQQ At Resistance-Reversed from Long To Short

Upon further review of the charts, I have noticed that in addition to the QQQ/$NDX struggling with the aforementioned gap resistance, nearly all of the top components of the Nasdaq 100 are currently trading at or just below key resistance levels. I just wrapped up a video detailing some of those charts which is currently being processed/uploaded and will be posted as soon as that process is completed.

I have also decided to book full profits on my QQQ long position while simultaneously opening a modest short position. My plan is to add to that position only on strength (i.e.- at or below today's highs in the $NDX) with a relatively liberal stop above today's highs (exact level TBD based on the price action & charts going forward).

2015-08-25T11:42:16+00:00 Aug 25, 2015 11:42am|Categories: Equity Market Analysis|Tags: , |Comments Off on QQQ At Resistance-Reversed from Long To Short