As a matter of fact, I have done just that. Don't tell me you don't remember the following thread. The thing is, no matter how many times I sever his ugly head, this dude kept on coming back, ggrrrr. Swing Trading QQQ (formerly known as Shorting QQQ) https://www.elitetrader.com/et/threads/swing-trading-qqq.379427/
There she goes... I believe there's a real change in the air, you know like, "it's different this time, damn it!". It used to be that any BAD economic number is GOOD for the market. Now they think bad is literally bad, period. So, no matter how you slice it and dice it, you're damned if you do and you're damned if you don't. I think 5400 is definitely in the card for tomorrow and we might even go down as much as 5100 in the coming days. But, as always, it's just another noob speculation, so proceed with caution.
Not gonna lie, today was not the best day. First real down day that caught me by surprise. Usually I can see the potential, even if I don't believe it will play out. I'm glad that after tomorrow morning all the earnings and data are done and we can go back to the market doing it's thing on its own. Option premium has been out of control this week. Anyways, hopefully we finally can actually get this damn thing to have a decent gap down in the morning. Only twice has it happened during this downtrend. Still have to last another 10.5 hours and have the NFP report which can flip this green. We are so overdue for a solid green candle, that I would expect to see that. Anyways have to put a bad day like today behind and know that a big green move is coming in the next day or 2. The worst thing would be for this to open flat or even green. It needs to open blood red and tank the first 15 minutes and then reverse.
If you look at the chart I posted just above your post, you would see that we're trading below the trendline today for the first time. Doesn't that mean anything to you?
No because they can slam it there for a day to get everyone bearish and then start the V. And futures don't mean a thing. Can easily wake up to green. There's still a ton of support in this vicinity and a slight break doesn't mean we are doomed. Plus a gap down like this bring in the real possibility of a reversal. You see most of the big sells occur when it opens green and then fails at resistance, like a 5 day EMA or today the 50day MA. Gap downs always bring in the possibility of hungry dip buyers.
LOL But you do realize we're trading 5% below the TOP. And all that time, you've been saying the same thing, namely that there will be a V reversal just around the corner. When will you ever raise a white flag? When we plunge another 5%?
Stopped overnight for 3 points. And that's why I generally don't use wide stops. Still thinking recovery today is most likely, so will keep taking a few stabs on the long side.
There's no doubt it was a much bigger drop than I thought and you had 5 decent sell days so far. 2 gapped lower and 3 were green first and then plummeted (which is the ideal way to get selling). But the market is always on borrowed time when it's in sell mode. The same way it ripped Wednesday it can absolutely rip again. The only thing different in the air is they finally are letting these big sell days happen, which is kinda crazy after being suppressed for 2 years. Even if this is a bigger selloff, it will take a while to play out. Wave white flag? Only if we've established a true downtrend on the weekly chart. I've seen way too many times how these selloffs can just magically end and we are sitting at good support.