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The daily year-to-date chart shows Nasdaq is near its 2006 low, and not far above its 200-day MA, after falling over 100 points last week, while QQQQ fell roughly two points to 40.20 (Nasdaq is being used instead of QQQQ, because there are errors in the QQQQ charts). The "QQQQ Crash System" indicates QQQQ will bounce to at least 40.74 within 20 trading days, and the system has been successful 61 out of the last 61 times. Given the short-term oversold condition of QQQQ, including being well below the 10-day MA lower Bollinger Band, it's more likely the bounce will take place early next week.

QQQQ May Max Pain remains at 42. The economic reports next week should determine direction. However, if the reports are generally in-line, QQQQ may bounce to between 40 3/4 and 41 1/2, and perhaps close the week around 41. Moreover, there may be enough volatility to trade QQQQ May 38 calls several times for big gains. The QQQQ May 38 calls are about 100% intrinsic value. So, unlike OEX May in-the-money calls, time value decay is not a problem. Consequently, the QQQQ May 38 calls may be better trades early in the week and OEX May in-the-money calls or puts may be better later in the week.