1. Technical Analysis (TA):
Daily Chart (Longer Timeframe):
* Trend: QQQ is in an uptrend but showing a rising wedge pattern, which can indicate a potential pullback if broken.
* Key Resistance:
* 533: Current high; price is testing this level.
* A breakout could lead QQQ to test 536–540.
* Key Support:
* 525: First support area aligned with horizontal structure.
* 522: Second critical support.
1-Hour Chart (Shorter Timeframe):
* QQQ is consolidating near resistance levels and forming a wedge.
* Volume: Decreasing slightly, which indicates hesitation at higher levels.
* MACD: Mixed momentum; slight bearish divergence on the 1H timeframe.
2. GEX Analysis for QQQ (Options Insights):
Key GEX Levels:
* Highest Positive Gamma (CALL Wall):
* 530: Strongest resistance area where upward moves may slow or reverse.
* 534–536: Additional resistance from the 2nd and 3rd CALL Walls.
* PUT Wall Support:
* 525: Significant support where price may stabilize if it declines.
* 522: Acts as the next strong support level.
Options Sentiment:
* IVR: 5.8% – Very low implied volatility, meaning options are cheap.
* PUTs: 14.8% – Limited PUT positioning shows low bearish pressure.
3. Trade Setups (Options and Trading):
Bearish Setup (Short Bias):
* Entry: Rejection near the 530 CALL Wall.
* Target:
* First target: 525 PUT Wall.
* Extended target: 522 PUT Wall.
* Stop-Loss: Above 534.
* Option Strategy:
* Bear Put Spread: Buy 530 PUT, Sell 525 PUT.
Bullish Setup (Short-Term):
* Entry: Break and close above 530 with strong volume.
* Target: 533–536 CALL resistance.
* Stop-Loss: Below 527.
* Option Strategy:
* Bull Call Spread: Buy 530 CALL, Sell 536 CALL.
4. Directional Bias:
* Tomorrow: QQQ may face rejection near 530 due to CALL wall resistance. A pullback to 525 is likely if volume weakens.
* Next Week:
* Watch for a breakout above 530 for a bullish continuation.
* A breakdown below 525 opens up 522 as the next downside target.
Key Levels to Watch:
* Resistance: 530, 533–536.
* Support: 525, 522.
Final Thoughts: Combine price action signals with GEX levels to guide trades. Options setups can focus on PUT spreads for bearish moves or CALL spreads for bullish breakouts. 🚀
Short Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage your risk before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.