The QQQQ returned to the lower support area in its trading range on Monday. The market has turned very bearish as it considers this meaningless move back down to support. This bearish posture and the fact that the market is at support, projects a move higher as we approach expiration on Friday.
Nevertheless, this trading range activity is essentially meaningless and the price of the QQQQ is likely to fluctuate around $44.00 the rest of the week.
Use dips to accumulate here and don't chase breakouts.
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