Sell-off continued Friday in $QQQ. Getting in a tricky spot where’s too oversold to short with high probability, but not oversold enough for easy longs.
Keep in mind Santa Claus rally could be in play next couple weeks. Check out tomorrow’s watch list and economic calendar:
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Economic Calendar For Tomorrow
Oil name at a big spot. If it cannot hold the 200 DMA this week, has room to fall. On short-watch if there’s no remount.
China names starting to look heavy, $BABA falling to reclaim its 200DMA. On watch for a short under Friday’s lows.
Big breakdown recently on the daily chart, on watch for a short set up if $QQQ continues to remain weak this week.
If the market decides to bounce this will be the name to watch. Pulling into the 20SMA, should give a set up for a quick trade in that scenario.
Continuing to consolidate well, over $8.70 is could get some heat. Keep alerts set so you don’t miss it.
Continues to look weak, at a huge breakdown level. If the $QQQ and overall market continue to dump, keep this on watch for a short set up.