The Q’s have now hit my 3rd bounce target (T3) where I have removed the last of my QQQ long hedge position taken around my T4 final near-term target level. As the T3 bounce target has now been reached, my preferred scenario (yellow) would have a resumption of the current intermediate-term downtrend from around this level (both the short-term & long-term trends in the QQQ are bullish). My alternative scenario (purple) at this point would be a continued move higher to the yellow downtrend line which, if hit soon (ideally Monday afternoon), would come in around the 61.8% Fibonacci retracement level of the prior move down from the early March highs. The near-term technical picture on the $SPX/SPY is a little obscure at this time and as such, I continue to keep things light for now, i.e.- establishing or adding to positions only on the most compelling trade setups & even then, using below average position sizing.

QQQ 60 minute April 22nd

QQQ 60 minute April 22nd