Nasdaq 100 (QQQ) - Setup

The Nasdaq 100 (QQQ) has been a tentative laggard recently. Today it dipped to the 21 EMA (blue) and this may pose as a buying opportunity. Note, I have a position.

Here are the key items to consider:

• QQQ is still in an uptrend above the 21 EMA.

• Today it found support at the 21 EMA in confluence with the 10/31 AVWAP (orange) and a high volume node on the Volume Profile.

• We expect QQQ to eventually challenge the previous high at $515.58 or hit new highs.

• A stop below today’s low could serve as a tight stop.

The chart below is our Cycle Forecast for QQQ:

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