Two charts I'm eyeing very closely, today and into next week. QQQ A fifth test of the lower parallel trend line that doesn't hold. is the kind of breakdown in QQQ that could lead to a waterfall decline into the seasonal lows, traditional to September/October. Current key level: 565 QQQ Puts - Only on an unsuccessful test of the lower channel line, < 565. (If still holding Sep 545P from Aug 20th - hold thru this weekend and do not buy more unless we get this breakdown. With seven weeks to go until expiration, any strike will do here; I've highlighted the middle of the pack @ 540. HOOD Especially vulnerable to the above-described scenario would be this stock darling of the April-August run-up. Note: Break of major up trendline a few days ago and now we are looking for a high-confidence entry on a break below $99.00: HOOD Puts - Only of shares drop below $99.00 There will be plenty of long ideas to discuss, starting in tomorrow's Weekend Update, but for now, let's keep an eye on breakdowns in the above and below stocks. With at least two ideas here in case of a worst case breakdown in either one
