Hi everyone. It looks like the indexes recovered very quickly from last week’s down week. Since QQQ has closed multiple days above 305, I’m bullish again. Volatility seems to be increasing, so anything could happen. If QQQ does end up closing below the low 300s on a daily basis anytime starting next week, I will likely be bearish again. Let’s see what happens.
QQQ daily chart below. I suspect that if we near the high 290s to low 300s again, we will get rapid selling.
SPY daily chart below. Key level to watch is the 350-355 breakout level.
Happy holidays, see you next week!