QQQ on Tuesday

I think that you are correct . That little sell off at the end might have been an attempt at shaking off few longs . We will see if it will continue to go further down after opening .

 

I will be watching closely after 11:05 . I belive that direction will show clearly afterwards. I will wrap it up If action similar to yesterday will take place .
Walter

 

Hi Walter,
I posted this in my thread regarding VIX. VIX touched support at historic lows. A reversal is in the making.

 

Now I understand why you are bullish, you are operating on longer time frame then I do.
Walter

 

A reversal to the downside.
Low VIX means a top could be in place.
Hi VIX, bottom is in place.

The low VIX means traders are going long spx call options. Since the majority are wrong, this could mean a top is nearing short term. I think this swing higher on QQQ will not make it to 36.

35.50 is the .786 retrace of the move from 36 to 33.70. Could be a sell off next week.

 

Thanks,
I daytrade so I switch direction couple times a day . I will try to implement your longer term method into my new project, QQQ intraday trading.
Thanks,
Have a fun ,
Walter