QQQ is likely headed to one or more of the horizontal lines below following the break & backtest of the 5 minute uptrend line after failing to surmount solid resistance (on the daily charts). I just took SQQQ (3x short QQQ) long which I plan to close out by the end of day with a stop over today’s high. Undecided yeton which support level I will book profits on (if not stopped out) but regardless, this trade has about 30 cents downside risk with a minimum profit potential of over 1.70 (a 5.7:1 R/R).
QQQ 5 minute 2 Aug 28th
The breakdown in the QQQ has also been confirmed by a breakdown in the SPY (which occurred as I was drafting this post, right after taking the screenshot). Also note the first of several videos that I plan to publish will be posted soon. That video focuses on the near-term resistance levels that the markets have pushed back to, puts the recent rally into perspective and discusses the most probably near-term scenarios for US equities.
SPY 5 minute Aug 28th