Trade Recap 11/30/23

Trade 1: QQQ 12/1 388p failed

Today, QQQ was showing relative weakness following some major pullback across the tech sector. QQQ sold off for the first 30-40 minutes of the day right into the 388 support. When QQQ broke 388 I went short with puts but shortly after it ended up bouncing and my stop was triggered. QQQ was also showing signs of a false breakdown with the volume that came in under 388. The best way to have approached this trade would have been wait for the backtest of 388 since SPY wasnt proven to be breaking down.

Trade 2: SPY 453p failed

Today, SPY was consolidating above the 453.50 level for most of the morning while QQQ was breaking down. The plan with this trade was to fade the consolidation breakdown since we saw weakness with QQQ. SPY ended up holding this level again and bounced. SPY then later broke down this later but slowly moved lower into 435.50 before bouncing again.