In the previous update on SPY, the S&P 500 tracking ETF, had just hit support (T4) while QQQ getting close to, but still above T2. QQQ has fallen to a just hair above the second price target (T2 around 360.56) as I type with the odds for a tradable bounce off the 361ish level quite favorable at this time. My minimum bounce target is just shy of the 369.50 T1 level with a potential max. bounce target of a (near) backfill of today’s gap with more downside in the coming days/weeks whether we bounce here or not. Updated 60-minute chart below.
QQQ 60m 2 Sept 20th
Likewise, /NQ (Nasdaq 100 futures) has effectively hit the 14771ish target where the odds for a reaction are likely before the next leg down. As such, this appears to be an objective time for active traders to reverse an /NQ trade from short to long.
NQ 60m 2 Sept 20th