Trade Call on QQQ Based on 9-Day Support

about 1 month ago

"So, what you're seeing on your screen right now is QQQ. And this is the NASDAQ. This is part of my core portfolio. I own hundreds, if not millions of dollars of this. And this is the monthly candle. And I say this a lot, but when in doubt, zoom out. And you want to find trends because trends are very similar. And again when you traded under that 9 day. So, how do you know that we not going into another 2022 when you dipped down that much? You don't. You look for patterns. And the key point is for me, if we're not on this monthly chart, if we're not under that 9-day and we continue to use it as support, I want to buy as close to that 9-day as possible. And that's either short-term, long-term, whatever I'm doing."

The speaker outlines a technical trade idea using QQQ, noting that the 9-day moving average—observed around 570 to 585—has historically acted as a strong support level. The plan is to buy near this support if the price holds, leveraging pattern recognition from a 4-hour algorithm. This suggests an actionable entry point for traders when QQQ approaches its 9-day support.

Related Stocks