QQQ Additional Downside Targets & Support Levels

So far, QQQ has turned lower after back-filling Friday's gap indicating that the oversold bounce off support (hit on Friday's lows) may have already run its course. The next 3 downside targets are listed in green, starting with the former initial downside target that was hit on Friday. Minor support levels where a reaction might occur are also shown in blue. More active traders could use any or all of these levels in micro-managing a position in the Q's.

While today's reversal following the backfill does not eliminate or even greatly reduce the chance that the Q's will continue to either of the two alternative bounce targets (R2 & R3), a short entry or add-on here just below the top of Friday's gap with a stop place slightly above today's highs certainly seems objective based on the distance to the potential downside targets. (note the price levels highlighted in green next to each of those target levels is the actual support level, un-adjusted for optimal fills. Best to set a buy-to-cover order slightly above each level).

QQQ 60 minute 2 Nov 17th

QQQ 60 minute 2 Nov 17th

2017-03-08T21:20:09+00:00 Nov 17, 2015 3:35pm|Categories: Completed Trades - Short, Equity Market Analysis|Tags: , , |Comments Off on QQQ Additional Downside Targets & Support Levels