OIL & QQQQ: are at an inflection point

QQQQ:
SMA(50) - $35.19
SMA(200) - $31.76
Having closed below the 50-day SMA, it is getting increasing likely that market will tank towards the next support level of 200-day SMA.

Question is: whether this is a fakeout. We will know in the next couple of days.

If 50-day SMA holds in the next few days, going on the long side for 10% gains would be a good idea.
However, if 50-day SMA continues to be breached, stay in cash and try testing waters at the next support level $31.76.

If 200-day SMA is breached (and you were testing it), take your losses and get out. The market will likely head towards retesting the previous lows of $26 (won't be pretty if I am having long positions from now till that time). I may think about shorting but I have resisted the temptation to try my luck on the downside.

Gold where does it go from here?

Gold (GLD) is 5% above its 2 year SMA.
Current price ~ $89
2 year SMA ~ $84

It is in a consolidation pattern for a while now with a bottom forming on the short term cycle. $84 is a very strong support level for Gold. Therefore, a good time to buy will be around $84-$85 with a strict stop loss near $82. For those who are worried that it may not go as low as $84, buying some now may not be a bad idea. However, the stop loss is not very close and you should be prepared to take some short term loss, if it goes down further.

Repeat trade if it goes up above $84. Instead, if it continues downslide, $70 forms another strong support levels to buy (for a rebound).

Important support levels: $84, $70, $60.