Fun Fact #30
Did you know that the third Friday of each month is known as the “Monthly OPEX?” OPEX stands for “options expiration,” meaning that a lot of options expire on the third Friday of each month. By the way, tomorrow is the monthly OPEX day.
I’ve updated the key support levels above. Also, as you can see, Apple dropped nearly 3% today. There was some news from the Taiwan Semiconductor Manufacturing that issued weak guidance, so this was the catalyst for today’s drop. This also caused Micron (MU) to drop as well. I own Apple, and am not too concerned as long as we hold the 169-170 level. The next support level down for Apple is the 165 level.
I believe that if QQQ holds the 162-164 support level, we are bound to go up and gap fill to the 169-171 level sooner or later. A break below that support level tells me that QQQ is in trouble. Keep an eye out for Apple because it leads the market with its’ heavy weighting in the major indexes.
The above chart is XLF, which represents the financial sector ETF. Notice how it went up 1.53%.