QQQ & /NQ are starting the trading session where they left off yesterday. As such, my expectation for a relatively small but tradable bounce remains the same. Note the extreme oversold reading on the RSI of this 60-minute chart of /NQ which increases the odds of a bounce although such deeply oversold readings typically come in the early stages of a much deeper correction such as that from early September.
NQ 60m Oct 29th
QQQ also picking up where it left off yesterday (around the 273.82ish support & bottom of the channel with a brief overshoot). Although I still favor a bounce up towards the bottom of yesterday’s gap & mid-point of the channel, a solid break below the recent lows could open the door to another wave of selling. As such, QQQ & /NQ still offer an objective long entry here with stops not too far below.
QQQ 60m Oct 29th