The Big Short: NASDAQ 100 (QQQ) Gaps Epic Resistance Retrace
Gareth Soloway | May 15, 2018 12:42AM ET
The NASDAQ 100 has staged an epic rally, now within just a few percentage points of the all-time highs. Greed is brimming again with average investors buying technology stocks like they were in January. Overbought signals are flashing red and more importantly, a major gap fill has just been tagged. The level on the NASDAQ:QQQ (via NASDAQ 100) is $171.00 and the market has kissed it like a shiny new gem.
This is the level smart money has been waiting for. If you add in the greed/sentiment it makes for one of the prettiest short trades the market has offered in recent history. Smart money has locked and loaded this level. Look for technology stocks like Facebook (NASDAQ:FB) and Amazon.com (NASDAQ:AMZN) to take a dump in the coming weeks.
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