randy are you still shorting the Qs?

Correct. PSQ is a good proxy for shorting the Q’s as is QID (2x short) as the decay from the leverage isn’t bad on the major stock index ETFs when swing trading as it can be with some of the more volatile sectors ETFs such as DUST/NUGT & LABU/LABD (some of the worst offenders when it comes to decay from the leverage, especially if held during choppy, directionless trends). SQQQ (3x short QQQ) can also be used but probably best for hit & run trades lasting just a few days to maybe a few weeks if QQQ has a fairly unidirectional correction without a lot of snapback rallies.

Went home short the indexes & wll assess those positions today after the regular session opens but for now, I think those positions look good for more downside.

The close didn’t really provide many clues as to what happens next although we’re current poised to gap down with just over 20 minutes before the opening bell. If that holds, then it will help build on the move down following the breakdown of those 60-minute bear flag patterns on the index ETFs that occurred shortly before the close yesterday. Unless those flags are foiled (with a rally back above them today) a gap down + more selling after the open today would increase the odds of more downside.

The stock futures fell asleep & went into hibernation mode after the close yesterday, most likely due to the fact this is a big holiday week with a lot of traders on vacation. As such, we’ll have to see how the market trades when all the players step onto the field at 9:30 today but as of now (in pre-market), stock futures remain below resistance & appear poised for the next leg down & if so, those bear flags on SPY & QQQ should play out today.

Randy trades the futures. I’m assuming he’ll just hold and continue to monitor overnight. FWIW, I am long PSQ, which is the same as short QQQ, and I’m holding into tomorrow and beyond.