Is Market Due For A Major PullBack ? (QQQ,UVXY)
After misses from Netflix Inc (NASDAQ:NFLX) and Tesla Inc (NASDAQ:TSLA) earnings this week, it appears that the QQQ’s might have finally picked a direction and are pulling back as I had anticipated. $318 appears to have finally been rejected, so lets see if some volatility can return from here.
$318 has been a magnet in the QQQ’s and we’ve finally seen a significant rejection from it yesterday and today. Above it, targets to the upside are $320, $321.42, $323 and $330 above that. Below $318, targets to the downside are at $315, $312 and $309. Below $309, there is a gap to fill at $307.12 with potential support at $306 with $304 and $302 below that. Then there is the psychologically important $300 level in the QQQ’s.
UVXY- The overall market is finally showing some signs of weakness and one can expect the pullback, if it comes, to be of substance. Volatility has been very low since November, one could think there needs to be a tree shake of some sort. If the market does pullback further as expected, volatility should rise and that means the UVXY should have a nice pop higher as well.
Other companies in Tesla’s space that may be impacted as a result of TSLA’s earrings include XPeng (NYSE:XPEV), Fisker (NYSE:FSR), Ford Motor (NYSE:F), General Motors (NYSE:GM) and NWTN (NASDAQ:NWTN).
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