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Break in Resistance Trade in $QQQ
In our TNT and TNT Pro Option Trading services we discussed the potential resistance level in the NDX and Composite markets. Our subscribers usually trade the QQQ ETF as a proxy for the Nasdaq market due to the high volume of options giving high liquidity. On May 9th, we pointed out the major resistance in […]
In our TNT and TNT Pro Option Trading services we discussed the potential resistance level in the NDX and Composite markets. Our subscribers usually trade the QQQ ETF as a proxy for the Nasdaq market due to the high volume of options giving high liquidity.
On May 9th, we pointed out the major resistance in the NDX at $6,856.96.
The NDX broke this level before 12:30 on May 9th and never retested for the rest of the day.
A few of our subscribers jumped in on the break and were able to get between 35-60% return.
In playing the QQQ as a proxy, subscribers used the May 11, 2018 Expiration 166 calls for about $1.5 as the QQQs broke resistance.
These calls proceeded to run for the rest of the day to over $2.20 mid market.
The next day(if you held overnight)…these call options closed over a $3.49 bid.
Some of our subscribers were holding on, but we only had reports from Thursday morning.
