Yes. Regardless.. or irrespective of whether QQQ closes back above or below the uptrend line off the Aug 5th lows, a bearish engulfing candlestick on the weekly chart is a potential topping/reversal stick & as such, offers an objective short entry with a stop above it (this week’s high).

However, it would only help the case for a swing short if QQQ also clearly closes the week below that Aug 5th uptrend line.

Bottom line: I wouldn’t get aggressively short unless QQQ clearly closes below the uptrend line today & one could also just wait to see how the market follows through next week before initiating or adding to any swing short positions.

ETSY got caught up in the post-FOMC broad-based sell-off which took it back to R1 (the entry point/breakout level for the trade) so still looks to offer an objective long entry here on this pullback to support although IF the recent sell signal in the stock market stick & play out for a big down week next week, ETSY will have to really struggle to swim against the tide.

Should the market hold up going fwd, I think ETSY will have a good chance of hitting at least T1 soon.

539.15 is the current high of this week’s candle on QQQ

I covered VIXY in the video I just posted after this one.

Might you offer a quick update on Etsy?

Many thanks.