/NQ (Nasdaq 100 futures) made a slight overshoot of the 11540-11665 resistance zone followed by a reversal back down below the zone. I still put somewhat favorable odds on a pullback towards the 11263ish level with somewhat less favorable odds of another thrust up towards the even more significant 11785 resistance level before that happens. Previous & updated 60-minute charts of /NQ below.
NQ 60m Oct 4th
NQ 60m Oct 5th
So far, this rally has been capped by R2 (2nd resistance level) from my late Sept bounce targets with 286 still my max. potential bounce target at this time. As with /NQ, I’m favoring a reversal here back down to at least the 275.25ish support but will also view another thrust up to that max. bounce target/resistance of 286 as an objective level to initiate or add-to a short position. I’m also on watch for a high-level bearish crossover on the PPO (60-minute chart) as that is often followed by a new wave of selling as can be seen on the chart below.
QQQ 60m Oct 5th
I’m still without power or high-speed internet access, running off portable generators & tethering off a not-so-fast cellular connection but expect to have both services restored by the end of the week. I’m also not able to spend as much time at my desk as I would like yet as I’m still forced to spend a lot of time on getting the most pressing issues & damages to my home repaired or mitigated until I am able to get some crews out here. I’ll do my best to follow up asap with updates on some of the other recent trade ideas such as crude, nat gas, gold, silver, crypto, & bonds.
My most pressing concern as this time to to finish removing the drywall in the garage & first floor of the home that was flooded before the mold sets in. Hoping to have a crew out here as soon as later today & if so, I’ll be able to let them finish so I’ll be able to pick up the frequency of my analysis & trade ideas. Thank you for your patience & all the kind words.
-rp