My thoughts on the Nasdaq right now

Today's drop and then rally was EPIC. Nothing short of it. The Nasdaq-100 closed in the green. The bulls have won! Or have they? I made this chart to show a few things that are worth considering.

1. The Nasdaq-100 would need to rally 12% right back to get back to all-time highs and right as the mid-term election is starting. The market is also unpredictable so... that actually could happen. But, let's also wait a second. That will take a lot of momentum.

2. I think long-term traders and risk-managers are smart. They know where they want to buy and how. Or where they want to DCA. I listed out some support levels that seem to just make sense.

3. The Advance-Decling line, which is a good measure of breadth, seems to be rolling over. It will need some serious thrust and broad market participating to rally the QQQs 12% higher. Like a lot. I don't know, unless everyone gets margin at the same time I guess it's possible.

4. Someone sent me a message today saying that they think today's comeback in the QQQs was an ultimate bull trap. FOMO the dip buyers in. Get the dip! And then whoosh. I have no comment on that. But it's worth thinking about.

NOTE: I am not bullish or bearish. In-fact I am on the sidelines. Trading the markets 24/7 as I already do can be exhausting. So I am simply on the sidelines hanging out and making content like this. You can like it or not, that's up to you. Let's see what happens