/NQ (Nasdaq 100 futures) offers an objective add-on or new short entry on this pre-market snap-back to the 21240ish resistance following the recent breakdown & backtest of the minor uptrend line on the intrday (15-120-minute) charts. 15-minute chart below.
NQ 15m May 22nd
Likewise, QQQ (Nasdaq 100 ETF) offers an objective add-on or new short entry on this pre-mkt backtest of the recently taken out 514.39 support (now resistance). 60-minute chart below.
QQQ 60m May 22nd
@HermonMunster asked for my thoughts on FAZ (-3x short financials sector ETF). I prefer to use the non-leverage +1x primary sector ETFs for charting, even if trading the 3x leveraged variations due to the inherent decay from the leverage in the latter (see FAQ page for details on leveraged ETF decay).
XLF daily May 22nd
As recently highlighted in one of the videos earlier this week, XLF (financial sector ETF) recently triggered sell signal triggered on a breakdown & backtest (followed by impulsive rejection) of the recently highlighted uptrend line off the April lows with a pending (i.e.- hasn’t crossed yet but likely about to happen) high-level bearish crossover on the PPO, which typically signals a bullish to bearish trend change.
On a related note, I continue to closely monitor Treasury yields, which are still within spitting distance of breaking out to new multi-year or even multi-decade highs on the 30-year (and not too far behind on the 10-year), with IEF currently dipping into my ORANGE zone in pre-market today following the House’s passage of POTUS’s Big-Bloated-Bill.