QQQQ: Getting Ready to Bottom Out

Intermediate-term outlook (weekly chart): BEARISH

Short-term outlook (daily chart): BEARISH

Very short-term outlook (60-min chart): BEARISH

TODAY'S PRE-MARKET SENTIMENT: BEARISH

Strong resistance at $45.00. Should bottom out at about 42.50.

All ten key NASDAQ-100 (QQQQ) components look weak.

Implied volatility inches down.

Large traders keep accumulating QQQQ before the long run.

We don't recommend to enter new positions today. However, Jun 42 Call options may look attractive later this week.

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