30-Minute Price Action
QQQ is pushing higher inside a rising channel after breaking through $576.74 support-turned-resistance.
* Resistance: $580.17 – current upper channel limit and intraday high.
* Support: $576.74 – breakout retest level; $572.85–$571.65 – key downside pivot zone.
* Indicators:
* MACD remains strongly bullish, but histogram is showing early signs of slowing momentum.
* Stoch RSI is in oversold territory after a minor pullback, suggesting potential for another push higher if momentum returns.
1-Hour GEX Insights
* Highest Positive NET GEX / Gamma Wall: $580 – aligns with the 30m resistance and current intraday high.
* Call Walls Above: $582 (next gamma level) and $585 (upper extension target).
* Put Support: $572 (first defense) and $565–$567 (major downside gamma floor).
* IVR: 9.8 – low implied volatility rank, keeping long options relatively cheap.
TA + GEX Combined Read
The $580 level is a dual confluence zone — it’s both the 30m upper channel resistance and the highest GEX wall on the 1h chart.
* A breakout above $580 could see quick follow-through toward $582 and possibly $585 if call buying pressure builds.
* Failure to break $580 with conviction could bring a retest of $576.74, with deeper pullback potential to $572 if sellers take control.
Trading Scenarios for August 13
* Bullish Breakout: Long calls or debit spreads above $580 targeting $582–$585.
* Bearish Rejection: Puts or put spreads if $580 rejects and $576.74 fails, targeting $572.
* Range Strategy: If price stays between $576–$580, short premium plays could work given low IVR, but be ready for a breakout.
Reasoning The 30m rising channel aligns perfectly with the 1h GEX data, showing $580 as the decision point for tomorrow. Breaking above it can trigger gamma-fueled upside, while rejection keeps QQQ range-bound or sends it back to GEX-supported floors.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk appropriately before trading.
QQQ is pushing higher inside a rising channel after breaking through $576.74 support-turned-resistance.
* Resistance: $580.17 – current upper channel limit and intraday high.
* Support: $576.74 – breakout retest level; $572.85–$571.65 – key downside pivot zone.
* Indicators:
* MACD remains strongly bullish, but histogram is showing early signs of slowing momentum.
* Stoch RSI is in oversold territory after a minor pullback, suggesting potential for another push higher if momentum returns.
1-Hour GEX Insights
* Highest Positive NET GEX / Gamma Wall: $580 – aligns with the 30m resistance and current intraday high.
* Call Walls Above: $582 (next gamma level) and $585 (upper extension target).
* Put Support: $572 (first defense) and $565–$567 (major downside gamma floor).
* IVR: 9.8 – low implied volatility rank, keeping long options relatively cheap.
TA + GEX Combined Read
The $580 level is a dual confluence zone — it’s both the 30m upper channel resistance and the highest GEX wall on the 1h chart.
* A breakout above $580 could see quick follow-through toward $582 and possibly $585 if call buying pressure builds.
* Failure to break $580 with conviction could bring a retest of $576.74, with deeper pullback potential to $572 if sellers take control.
Trading Scenarios for August 13
* Bullish Breakout: Long calls or debit spreads above $580 targeting $582–$585.
* Bearish Rejection: Puts or put spreads if $580 rejects and $576.74 fails, targeting $572.
* Range Strategy: If price stays between $576–$580, short premium plays could work given low IVR, but be ready for a breakout.
Reasoning The 30m rising channel aligns perfectly with the 1h GEX data, showing $580 as the decision point for tomorrow. Breaking above it can trigger gamma-fueled upside, while rejection keeps QQQ range-bound or sends it back to GEX-supported floors.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk appropriately before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.