Bounce Before The ... Intervention?
Chases long off last week’s shorts:
QQQ short target given last week was 583.32. Overshot to 580.94 target before bouncing Friday. Today we opened at 595 and I gave high conviction of 603. We overshot to 606.
SPX short target given last week was 6532 - days in advance and FOR Friday. We hit. Friday’s low was 6522, closing Friday at 6603, opening Monday at 6636 when this morning live I said, it’s an easy bounce to SPX 6700 with overshoot to 6724, with VIX falling back into 20.57.
Swing long update of note!
GOOGL - HIT $314 PT long (target for months now) has been reached today on a weekly gap up - with price pushing 327 afterhours.
I chose this level because it is the 261.8 Fib level on the weekly chart. Blue Skies are hard targets to pick because there is no resistance, but now... there is also no close support (261.68, which is 18% lower), so this makes GOOGL dangerous to chase.
Also, GOOGL is 15% extended from its mean (10W EMA). Rare.
I know the reasons for the bullishness - and have written about TSUs threatening of NVDA’s moat which is now going mainstream- BUT... it is still time to protect if long or expect sideways next few weeks.