When you are playing QQQ. Which index are you watching? The Nasdaq Composite or the Nasdaq 100 which the stocks in QQQ represent? And are you also watching the intraday chart of QQQ? (March 3, 2001)
Yes. We watch them all, but the primary focus is on the QQQ and the Nasdaq 100 that it tracks. All three set up a nice head and shoulders pattern after the rally that was a dead-on play to the downside. We used the Nasdaq 100 to confirm the move we were seeing in the QQQ, and we also kept a tab on the Nasdaq overall.
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