Breakdown & backtest of the 60m rising wedge pattern on /NQ (Nasdaq 100 futures) although not very impulsive so far. As such, a solid break and/or 60-minute close below the 12676 minor support will help to confirm the sell signal.
NQ 60m Dec 18th
Likewise, QQQ has also made an early-session breakdown below the 60-minute uptrend line although the breakdown has also not been confirmed with impulsive selling or a solid 60-minute close below the trendline. Therefore, best to wait for a solid break below this morning’s low of 309.41 or a solid 60-minute candlestick close below that level.
QQQ 60m Dec 18th
Also, keep in mind that SPY & /ES are both still comfortably above their respective trendlines (from yesterday’s update) at this time which increases the odds any breakdown on the Nasdaq 100 may prove to be a whipsaw signal until & unless the $SPX triggers a sell signal as well. As these breakdowns would seem decent if the secondary qualifiers/sell signals above are met soon, my preference is to short a half-position here, adding if/when the secondary sell signals on the Q’s are triggered with a tight stop above today’s high of 311.98.