QQQ , Tradeable bull bounce is likely next week for us .I think we will have a period of strength next and probably see longs start to work .
Today the market found strong buying at the November lows after undercutting briefly .
Ask yourself , if you were bearish would you short here after three weekly bear closes , does the risk reward work here . The answer is no . The situation at least temporarily favors the longs .
The bulls see "opportunity" , things are oversold and they see this as a low risk area to buy their " cheapies " .
The bears on the other hand see this as a good area to take profits and they will probably try to short higher when they see potential weakness resuming and try their best to get a lower high .
I don't know what will happen but I do think those arguments are logical and expecting a tradable bounce next week for longs is a high probability .
* Suggest to be nimble and make sure to take some profits on those longs as it is given, don't expect excess of what the market is making clear for now . Bears will try again probably higher up to make their lower high , so securing at least some profits on near term longs quickly is important .
