Another failure (so far) at the attempt to print a closing candle above the 38.2% Fib retracement of yesterday’s drop in QQQ signals that this likely dead cat bounce may have run its course. 5-minute chart:
QQQ 5-min 2 March 22nd
Zooming out to the 60-minute time frame, QQQ looks ripe for a breakdown from this bear flag continuation pattern which would likely spark an impulsive move down to the 127.50ish support level in relatively short order, most likely by the end of day tomorrow or Friday latest. My best guess, assuming that scenario does play out, would be that a decent part of that move down would be comprised of an opening gap down tomorrow and/or Friday.
QQQ 60-minute March 22nd