Yes although if QQQ rallies a bit more & turns down around the recent highs put in just a week or two ago, while that would technically be a double-top, typical double-top patterns (that mark significant tops) usually have two peaks spaced out months apart. Again, certainly possible & more important that the Q’s right now (although I do put a significant weighting on them as the leading index) is whether or not all other US indices that are in near-term downtrends are able to reverse course & also make a run at their previous highs.

The fact that QQQ back-filled the gap & then some vs. reversing at the top of the gap doesn’t negate the scenario of a move down to 127. As the tops of gaps are resistance, it certainly would have helped the bearish case had QQQ turned down & sold off impulsively after back-filling Monday’s gap but the near-term trend in QQQ is still sideways with the near-term trend on every other US index still bearish. Also keep in mind that off all the major US stock indices, QQQ is the least diversified of all, even the 30 stock Dow Industrials as technology stocks account for over half of the Nasdaq 100 with the index not very representative of the US economy the sector weightings, not just tech heavy but with minimal to no inclusion of several key sectors of the economy such as energy, financials, basic materials, industrials, real estate, utilities, etc..:

QQQ Fund Sector Allocations (%):
Consumer Discretionary 21.41
Consumer Staples 6.38
Energy —
Financials —
Health Care 11.42
Industrials 2.12
Information Technology 57.41
Materials —
Real Estate —
Telecommunication Services 1.26
Utilities —

I said the same regarding GDX just over a year ago in early Feb, as there is still a gap around 15.37-15.77 or so on the daily. I do believe that will also be closed at some point in the future, and I was and am bullish since mid to late 2015 on gold and miners, I would have preferred for it to be closed back then…..

We will see how long it takes, but am pretty certain it will be closed.

Good luck all. J

That chart image won’t expand nor is there a “read more” link at the end of the truncated excerpt because this is a front page post. Front page posts will show up here in the trading room (identified as such in the title following my username: “rsotc wrote a new post, ….”.

To view a front page post along with any chart images from the trading room, you need to click on the title of the post that follows my username, in this case “Back-filling the Gaps, Better Now Than Later”, as that is a hyper-link which will open the post.
I realize that’s confusing & I’ll have my programmer look into hyper-linking the thumbnail image below the excerpt as well.