/NQ (Nasdaq 100 futures) is currently testing minor uptrend line support: Near-term bullish with the next target around 12117 if it holds, bearish if taken out with conviction. The PPO trend indicator remains bullish (PPO 9-ema above zero) while a signal line cross back down below the zero line would flip that indicator to bearish. 60-minute chart below.
NQ 60m Nov 16th
/ES (S&P 500) is also testing minor uptrend line support on the 60-minute time frame: Bullish & new highs likely if successfully defended, bearish if taken out with conviction.
ES 60m Nov 16th
QQQ is still testing the 290ish resistance level that was first highlighted on the 15-minute time frame last Wednesday (first chart below) & cracking below uptrend line support in the pre-market session so far today. However, the stock futures are still holding above 60-minute trendline support (more significant/higher weighting) for now.
QQQ 15m 3 Nov 11th
So far in the early pre-market session today, QQQ had a pre-market pop & drop while the Q’s haven’t traded more than 0.7% above the 289.85 resistance level during the regular session since first stalling out there last Wednesday. Should the stock futures break those 60-minute trendlines with conviction, the minimum target for QQQ remains just above 286.10 but as I like to say, support is support until & unless broken. As such, we could be looking at new highs in the $SPX soon unless both /ES & /NQ solidly break below those trendlines with the 60-minute trend indicators flipping from bullish to bearish. Updates to come later after the regular session is underway.
QQQ 15m Nov 16th