Today’s gap down has taken QQQ for a backtest of the 60-min bullish falling wedge. Will this prove to be a buying opp or is this the start of the bull trap scenario laid out last week?

QQQ 60-min July 2nd

QQQ 60-min July 2nd

Zooming down to the 15-minute time frame, last week’s primary scenario is still in play with today’s gap down following Friday’s reversal off the R1 resistance zone. While R1 & R2 remain key resistance levels, ideally for the bearish case, any bounce this week should be contained by the 172 minor R level.

QQQ 15-min July 2nd

QQQ 15-min July 2nd

3+