/GC (gold futures or GLD) offers another objective long entry at the 1895 support level just as it did when highlighted there on March 29th. 60-minute chart below.
GC 60m April 25th
QQQ (Nasdaq 100 ETF) is approaching the key 318 support level with the RSI at the 21.72 extreme (orange) oversold level that typical precedes a bounce on the 60-minute chart below.
QQQ 60m April 25th
Likewise, /NQ (Nasdaq 100 futures) is approaching the key 1300ish support although a solid break above these steep downtrend lines in /NQ & QQQ could spark a near-term rally, possibly before or shortly after the key 13000ish support is tested.
NQ 60m April 25th
While it still appears that the Q’s will take out the recent double-bottom lows (key 318 support & 13,000ish on /NQ), I think the odds are decent for a tradable bounce (for active traders) either just shy of the level, as in about where we are trading in the pre-market session down to somewhat just below (i.e.- a false breakdown/whipsaw scenario).
Should the latter occur, it will most likely take place after the open today. If we do get a break below 318 today, best to wait for a recovery back above before covering shorts and/or reversing to long (again, for active traders as swing & trend traders might opt to sit tight on what should be a very profitable short position at this time).
I need to leave my desk for an appointment today & will back around 1 pm EST & will post anything that stands out at the time With the rest of the market-leading FAAMG stocks reporting this week (MSFT & GOOGL Tue AMC (after-market-close); FB Wed AMC; AAPL & AMZN Thurs AMC), coupled with the fact that we already got a good part of that “pre-FAAMG earnings jitters” sell-off that I was calling for last week (with Friday’s big drop), I suspect the downside might be limited today & suspect the market will hold around or above those recent key lows from Feb/March for at least today.