As of now, I have two levels on the QQQ (Nasdaq 100) that I am targeting. My preferred bounce target is 86.80 with a minor resistance level at the 85.30-85.35ish level that may or may not come into play. These targets are based upon several factors including horizontal resistance levels & Fibonacci clusters but I have to say that my degree of confidence in the near-term direction of the market is not high enough to warrant positioning aggressive long or short & therefore, I plan to keep most or all of the QQQ long hedges taken before the close on Friday until the 86.80 level is reached -OR- both the $SPX & $NDX make an impulsive break below Friday’s lows. That plan can change at any time but for now, I’d like to keep things light and just watch the market action as the dust settles from the recent sharp sell-off. I’ll post some updated index charts after the markets opens today.
