A trader breaks down intraday setups for QQQ and USO oil using dark-pool prints and moving averages. QQQ bullish above $604, bearish below $602.87; USO bullish above $127.50, bearish below $125. Watch for volume confirmation on these key levels.
Chapters
Good morning, traders. It's Thursday, April 9th at 4:23 a.m. All right, two stocks for you today. We've got the Q's QQQ and USO United States Oil. So economic calendar today: bunch of news dropping at 8:30 GDP, personal spending, jobless claims, more GDP, and PCE, and personal income all at 8:30. So maybe there's be some volatility today. Nice juicy print yesterday: 6.6 million. At 6:59:31. So this was a late print. We had gapped up quite a bit, but this is where they were saying, oh yeah, by the way, we were buying at the time. So you got that one 24 hours late. So let's track them down and trade the hell out of this thing today. All right, so QQQ's largest prints in the last month. We had, uh, pulled down. We talked about this bottom. I did an article and I'm doing a webinar tomorrow regarding this following the dark pool. It's, uh, is this the bottom? When this happened, well, there was nice juicy 2.3 million down here at the bottom after this pullback. Nice 3-line strike reversal, and we gapped up all the way back up here to this double topping area. So we've got a lot of volume yesterday, so we're pulling back. So our target, that's a 50 simple moving average, maybe back to this 4 exponential moving average or down to test these prints a little bit. That's, um, around $595 areas. So that— well, that's $8. The ATR on the Q's is about $11, so we can pull back here. Right now it's snagged on my 100 moving average, so let's see if we can break above, start making a higher high. Then for sure, that's, um, that's excellent. So go ahead and look at this On the intraday, okay, we're going to be bullish above 604. We're getting close to that. We had pulled back here, 604, then we've got 604 here, which is right at this cam. So we've— we're right down here at 603.27, but this is all resistance. We have the 4, 8, 15 exponential moving average. We got this gap fill. We want this 604 to be support, and then we've got 604.66. Is the first target, which is also the 50. That's a cheap scalp there. If you wanted, you could actually have this as support, but that's totally up to you on that. It is early, so you might have to reevaluate at the market open if you're not trading now. This is also the post-market support here, which was broken. So we'll see if we can scalp this for a little bit. If this falls over, then we'll talk about our downside. So 605.38, 606.04 is the pivot, and then right in here I've got my 200 simple moving average. 606.80, 607.52, 607.83 is this 1.7 million, and 608.23 is a cam. Then I've got 609.95, 610.37 And then 612.50, 613.82, and 613.92 up here is this R2. So I, I went up to this 613. That's a 10-point move. That's about the ATR on that one. So we've got that mapped out. We're going to be bearish below 602.87. Let's get below here. Let's drop below this increasing volume we need. It's waning right now, but we had this volume here. So let's see if we can get increasing volume moving down. 602.87, 602.17, 601.81. We've got support here. Then we've got 600.598.26 is a double pivot and cam, exactly the same price right here. So that'll be support as well. Then we've got 594.76 is a 2.5 million, 593.10 is 5.9 million, and then 590.48 is S3. So those are your trade setups there. So this will get us back here. The 597.50 also is this 4 exponential moving average that's here as well. So just, just mind that on the higher time frame. So let's go ahead and look at USO. Notice I've been calling out the indices and oil. It's like, well, that's what's moving, and if the, if the whole market is in trouble or really volatile, for me it's better to trade the, the index rather than a bunch of individual stocks. You can, you can make some good money on these ones. So anyway, uh, USO last month, we can see this huge— well, it looks like accumulation at the moment because We've we've had this range, and then so what I'll be teaching tomorrow in the webinar link will be in the description below is how to day trade and swing trade in reading these dark pool prints. So we've got this we've got this accumulation here, but we come back and we test the print, and then we test the print, we test the print. We're looking for increasing volume and then breaking above. This one actually, there's a nice break and a retest of the 4 and the 8 exponential. You can see that even though this is a little bit sideways, the overall trend is up here. So this was break, retest, there's increasing volume there. Then we had gapped up. Now there's $176K here at the top on April 7th, and then I guess there was some sort of ceasefire for 2 weeks, so oil dropped a bit, but right into these prints here. This is also a break and retest, so we'll see what actually happens if we can start to move back up to this 140 level and see. Otherwise, all of this here is all support. So let's go ahead and map this out for the day trade. We're going to be bullish above 127.50. We're getting close there. There's this, um, we're sandwiched between 126.55 and 127.19. You can see how powerful these are, and that's why they're on my chart. So 127.50 is $2.50 level, 128.52, then we've got 129.79, 132.15, then we've got 135, 136.96 is R3. So the upside is much easier here. Just mind the 129.50 is the 4 and 128.84 is the 8 here on the Higher time frames, and you can see that you can see that they're phenomenal support. Like there, there, there's the four. So just be careful. On the downside, we're going to be bearish below one twenty-five. Let's get below here. So what we have is I've got my two hundred exponential. We've got a cam, a fifty simple moving average, and the pre-market, the post-market. As it ran through here, this was banging its head off this 50 as well. So we're going to be bearish below 125. Target 123.92, 123.27, 122.62 is the pivot and this cam. It's also my 200 simple moving average. Then we've got 120, 121.41, and 120.98 right here. This makes about 750,000 And then we've got this cam and this S1 at 120.02. And then below that we've got 118.80, 117.85, and I stopped at 117.01. Oh, and then 115.45 is S2. That's actually giving you a 10-point move. The ATR on USO is about $9. So on the downside, just be careful of these And if it's going to go down, then bounce, bounce, bounce, bounce, bounce. So it could be a little bit jagged on the way down if that's the case it's gonna gonna go. All right, there you have it. Those are your two trade setups for today. So please like, share, subscribe, and leave some comments in the comment section below. Webinar tomorrow noon Eastern time. Be there or be square. All right, the link's there, and, uh, let's spend a good hour together learning about the dark pools and, um, see how to trade them. Happy trading, everyone! MobyTick has partnered with TrendSpider to bring real-time institutional trades to your charts. Click the link in the description below for more details.
