BEARISH on QQQ today
I BOUGHT A PUT OPTION on #QQQ WITH A $349 STRIKE PRICE AND 3/4 EXPIRY...ALREADY IN THE MONEY... HERE'S WHY I ENTERED THE TRADE...
#QQQ opened higher than yesterday's market close. However, I believe this is a bull trap. Price is pushing against major trendline resistance and the stochastic indicator on 1HR and 4HR charts reflects QQQ in overbought territory.
My theory is that there is way too much bearish news in the marketplace for tech stocks to break resistance and go on a major run.
Do you agree or disagree? Let me know in the comments!
#QQQ opened higher than yesterday's market close. However, I believe this is a bull trap. Price is pushing against major trendline resistance and the stochastic indicator on 1HR and 4HR charts reflects QQQ in overbought territory.
My theory is that there is way too much bearish news in the marketplace for tech stocks to break resistance and go on a major run.
Do you agree or disagree? Let me know in the comments!
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