The Nasdaq 100 continues to power higher as stocks like Microsoft, Apple, and Amazon all see money flows continue. Based on the stock chart, there is still upside on the Nasdaq 100 (QQQ) ETF until the max move target is achieved. That level is a major gap fill at $230.00. At that point, the Nasdaq 100 will be less than 5% from the all-time highs. That is remarkable considering over 30 million people have lost their jobs in the last two months. The market is betting on a V-shaped recovery but until there is a vaccine, that is unlikely.
As a swing trader, the max move target level on the Nasdaq 100 ETF (QQQ) is an obvious sell-short opportunity. Not that it is risk-free of course, but a combination of the chart level plus logic dictates at least some sort of near-term pullback.
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