NQ (Nasdaq 100 E-mini futures) have fallen to the intersecting 7395 + trendline support levels. While at least a minor reaction off this level is likely, which might come on a gap down at the open in QQQ followed by a full or partial fade of that gap, a solid break below this level would open the door for a continued slide down to the 7302-7308 support zone below. 60-minute chart of /NQ below:
NQ 60-min Aug 15th
Yesterday, the GDX (gold miners ETF) long swing trade exceeded the revised suggested stop of a daily close below Monday’s low of 19.88. That resulted in a net loss of 6.5% or a beta-adjusted loss of 4.5% (0.70 suggested beta-adjusted position size X 6.5% = 4.5%). I still favor a sharp counter-trend rally in both gold & GDX soon & as such, GDX will be on watch for another potential long swing trade.
GDX 60-min Aug 14th close