I caught a bit of this rally, but just took profits as NQ hit daily VWAP. Still looks stong, though, and Senate passing Omnibus bill helps, although, more fiscal stimulus at this point goes against the anti-inlfation agenda of the Fed, and so in the long run, this will just help to keep the Fed hawkish.

Positive divergence and trend line hit on QQQ 1h chart.

Well, my trades executed. So, here goes nothing. lol

I see those indicators, but I’m seeing they are “imbedding” in bearish territory. And longer term indicators still have a lot farther to go.
On a day like this, if there is a short-covering rally, it usually starts during last 90 minutes of the day.

The only reason why I think we may get a rally off the trend line is because literally every single short-term (1h or less) time frame is so extremely oversold.

I was hoping for that Christmas rally, and I’m still hoping there’s another chance at a bounce here, but today’s sudden dive after yesterday’s strength has me thinking that QQQ is closer to breaking the major trendline and waterfall selling down another 20% before a very substantial rally is possible.

I placed order to buy TQQQ if QQQ hits $263, which is just every so slightly above the trend line unless this drags out to later in the day.

I’m taking a shot here, too.