After close to a +50% run up since the April lows, the Nasdaq 100 (QQQ) is seeing some much needed relief. Yesterday we initiated some bearish positions, buying calls in highly leveraged inverse ETF's: SQQQ and UVXY. Today they are both up, albeit not nearly up as much as we expect over the next few weeks. Below is an Hourly QQQ chart with some tentative Fib target zones and a key level of support around $584. A close back above $600 is not expected and I would still use -50% on the calls suggested as my stop loss, as anything is possible this time of year. QQQ Hourly Shorter-Term Directional Bet On The Bullish Side BABA - Rollover Nov Calls Already Up Triple Digits GLD - Another Rollover from Sep to November Trailing stop - hit, but optional. TSLA - Echoes of 2019-2021 My favorite chart, car and t-shirt.
