We should see 460-465 before Tuesday next week
- This close is very important as it closed almost at yesterday's high.
- The 200 EMA rebound has now been confimed. Given that we have PPI, CPI and GDP all coming starting Tuesday next week, QQQ should test 460-465 area before Tuesday.
- And then with PPI, CPI, and GDP, QQQ will make a decision whether to breakthrough EM50, or turn around and retest EM200. I will follow my plan to sell all my calls bought this week, and getting put to establish protection point.
- If QQQ can firmly breakthrough EM50, well, time to load up 6 months calls or TQQQ for another all time high in 6 months. We will need a few days for QQQ to stay above EM50 to confirm if breakout is official ---- I still think this is a low probablity given the damage we had on QQQ so far (almost 20% down at one pont)