The market (SPY) restest the low at 106 area. This is a very good support level. Everything is way oversold. If you have been short, cover now. The market will bounce back up to retrace some gaps along the way down.
Also the VIX is way overbought beyond the bollinger band.
If there is a bounce from here, I am expecting QQQQ to hit 47 again.
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good call.
ReplyDeletetheaker