This QQQ daily chart reflects pre-market trading with QQQ poised to open below the primary trendline. While stick saves have been common since the March lows, a solid daily close below the trendline would be bearish.

QQQ daily Sept 8th

QQQ daily Sept 8th

Zooming down to the 60-minute charts, QQQ is once again testing the T3 (274.90ish) support level following Friday’s slight momo-fueled overshoot without RSI PPO divergence yet although small divergence forming on the RSI (in addition to positive divergence on the /NQ futures).

QQQ 60m Sept 8th

QQQ 60m Sept 8th

Likewise, /NQ  (Nasdaq 100 futures) is trading at the 11150 target/support with positive divergence still forming on the PPO & RSI. Watching for a bullish crossover on the 60m PPO which would confirm the potential bullish divergences.

NQ 60m Sept 8th

NQ 60m Sept 8th

Bottom line: The market-leading, tech-heavy Nasdaq 100 is near-term oversold while trading at or near decent support on the intraday time frames while currently below key uptrend line support on the daily time frame although the day is still very young. Technical developments that occur in overnight & pre-market trading, especially after a 3-day weekend, should be taken with a grain of salt. Best to see how the Q’s & market-leading FAAMG stocks trade once all the players step onto the field at 9:30 am. Updates on QQQ as well as SPY, IWM, & some of the market-leading stocks will follow shortly.