10/5/2019 Stocks bounce from midweek slump. Good time to sell or go short into a gap up (or upwards move) on Monday in the 190-192 price range. I think there’s one more leg down before we reach a local bottom.

Welcome back. 

QQQ Weekly 10_5_2019

Despite the strong move upwards on Thursday and Friday this week, I think we are likely to have another leg down before reaching a local bottom. I’ve labeled the supply zone (resistance), and the demand zone (support). I suspect we will have another small move upwards to trap the buyers before moving sharply lower towards the supply zone I’ve labeled in the chart above. 


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