I have a very busy weekend since my family just got to Boston.
I will outline some things to think about for the coming week(s).
The stock market is at a level where we could violently break down and drop 5%+ in a week. However, we are also nearing a strong support level where we could bounce 5%+ in a week. I know that doesn’t help you much, but remember that I still favor a move down. Perhaps it’s more likely we move up in the next week or two, but if we look at the longer term (more than just 2 weeks), it seems quite possible that this is a trend reversal, and we will likely go much lower.
In the weekly chart of QQQ above, I’ve highlighted some tradable levels. You can buy in the 160-165 support zone, and sell or go short in the 175-180 resistance zone. Have a great Thanksgiving! I’ll see you all sometime next week.