Just as predicted in yesterday’s video, QQQ moved sharply lower following the bear flag breakdown, took out the morning lows and bounced within pennies of the 100.70 target/support that was discuss, all the while forming the positive divergence that I was looking for to indicate that a bounce today would be likely.
QQQ 5 min video screenshot Sept 1st
The first chart is the screenshot from the video, highlighting the 100.70 target (the Q’s hit a low of 100.63 yesterday, before reversing). As today’s updated 5-minute chart shows, the Q’s did indeed put in that bullish divergence that I was looking for. While hedging up before the close yesterday as I had mentioned if that scenario played out, I closed the QQQ long hedge on this morning’s pop and may add back some more short exposure soon as I still favor a thrust down to the 98ish area in the coming days.
With that being said, my confidence in the very near-term direction of the markets is not very high right now & so I’ll sit tight until the next objective R/R or unless something convinces me to add long or short exposure. One thing that I’m watching for would be a break below yesterday’s lows as that would be bearish & might open the door to a thrust down towards the 98 area.
QQQ 5 minute Sept 2nd