QQQ is now testing the key 116.00 support level/bottom of multi-month trading range (minus the Sept 12th whipsaw signal). With the recent breakdowns on the daily charts receiving additional confirmation today, it appears a break of this key 60-minute support is likely to occur soon.
QQQ 60-minute Oct 13th
The backtest of this 60-minute triangle pattern on the SPY yesterday, which coincided with backtest of support on all the other major US stock indices, was a very objective shorting opp with the broad market immediately reversing after kissing the bottom of the pattern from below. SPY now approaching my minimum target which is also a key support level to watch (yesterday’s & today’s updated SPY 60-minute charts):
SPY 60-minute Oct 12th
SPY 60-minute Oct 13th