The QQQ Active Short trade has come within basis points of the S1 (1st support) level at 171 while IWM has just hit decent support as well. S1 was added as a level were a reaction was likely so active traders might opt to reverse short to long for a quick bounce trade while typically swing traders might opt to sit tight & ride out the zigs & zags on the way down to T1 and/or T2 & quite possibly beyond.
QQQ 60-min March 7th
IWM has hit the 151.55 target/support where a reaction is likely with the next objective short entry or add-on to come on a bounce back to the 156 area and/or a solid break below the 151.50ish support IF SPY & QQQ have also broken support.
IWM 60-min March 7th
Should both QQQ & IWM make a very impulsive break & sustained drop below these support levels, that gives us some insight to the current supply/demand dynamics in the market & indicate that the passengers may be once again moving from one side of the ship to the other. Of course, the important thing where the market closes the day as intraday prices swings when volatility starts to spike can be all over the place.