QQQ (Nasdaq 100 ETF) is still testing/holding the key 200-day moving averages (support), thereby still offering an objective reversal (short to long) or long entry/add-on for active traders looking to game a reflexive bounce trade off support with stops somewhat below. Previous (yesterday’s) and updated daily charts below.
QQQ daily March 5th
QQQ daily March 6th
Zooming down to the 5-minute time frame, the QQQ trendline + 501.85 bounce targets were hit yesterday with QQQ offering another objective long entry on this pullback to the 200 MA’s (again) plus yesterday’s reaction low. Yesterday’s & today’s updated 5m charts below.
QQQ 5m March 5th
QQQ 5m March 6th
Likewise, the /NQ trendline + 20683 bounce targets hit yesterday for futures traders with /NQ offering another objective long entry on this pullback to the 200 MA’s (again) plus yesterday’s reaction low. Yesterday’s & today’s updated 5-minute charts below.
NQ 5m March 5th
NQ 5m March 6th
There are also a plethora of key stocks, indices, & sectors testing their respective 200-day moving averages and/or other key supports such as primary uptrend lines. While these support levels may (or may not) certainly go soon, as I often say, support is support until & unless broken.
As such, many of these former crowd-favorite stocks, such as TSLA (which is still trading at my T3 price target/support on the daily chart while extremely oversold), offer objective long entries for both active traders looking to game a potential bounce and typical swing traders who might expect a much larger and longer rally off these support levels.
Once again, stay nimble as based on many of the recent bearish technical developments on the longer-term charts, it wouldn’t surprise me in the least if the Nasdaq and S&P 500 smash right through their 200-day MA’s anytime soon, including today.