$Invesco QQQ(QQQ)$ The new U.S.–Venezuela agreement is substantial. Venezuela says the 25-year deal targets production of 1.5 million barrels/day, while the U.S. is gaining access to a very large reserve base and intends to use Venezuelan crude to help refill the Strategic Petroleum Reserve. That gives the market a credible alternative supply story at exactly the right time. Reuters was already reporting Friday that oil fell more than 4–5% on the week, partly because traders were pricing possible Hormuz normalization and expanded Venezuelan supply.
$ProShares UltraPro QQQ(TQQQ)$ Here's the next setup before a potential upside continuation. Price has confirmed a reclaim of the key 70 level and has broken and held above the VWAP. The action is following through with higher highs and higher lows, which is exactly what we're looking for. The hourly RSI remains strong as price approaches the 71.00 and 71.44+ targets. Patience pays.
$Invesco QQQ(QQQ)$ This looks like dealer positioning around monthly expiry. It should close between 705 and 710, then bounce next week. I'm looking at $ProShares UltraPro QQQ(TQQQ)$ calls near Friday's close or Monday.