My min. bounce target on QQQ remains just shy of that 473.91 resistance level on the 15m charts I’ve been covering, not 470. However, that 468ish resistance level I’ve also been highlighting is now being tested for the 3rd (technically the 4th) time so of course, that needs to be taken out first for the catalyst for a rally up to 474ish on QQQ.

Underlying chart of the asset (i.e.- NVDA, in this case). As I said in the video yesterday, I sold those NVDA puts despite the fact it had clearly broken down below that key support (my 2nd target zone on the 60m chart) because my convictions that the market, & hence NVDA, would likely bounce, with that breakdown in NVDA likely proving to be a whipsaw.

NVDA now back above the 2nd target zone in pre-market, up about 8% in pre-mkt trading & I will be looking to re-enter my short via puts or possible straight shares this week or next when I think the market (and NVDA) is about ready for the next leg down to my next downside swing targets.

Randy,
when trading options are you looking at the underlying asset chart or the option? I’ve noticed that a DL/DH showed up on the option chart but not the chart of spy. Which one should I trade from?

Thanks

Think you are right. If reversef today me thinks.

There is no bounce!

QQQ 1m chart: