QQQ reversed off the bottom of the 2nd target zone yesterday with a decent chance that the bounce will carry over in today’s regular session with a resumption of the downtrend & continued move towards the T3 level in the coming days/weeks. 60-minute chart as of yesterday’s close below:
QQQ 60-min June 25th close
While yesterday’s rally off the bottom of the T2 zone as well as the minor additional gains in today’s pre-market session so far may prove to be the extent of the expected reaction off the initial tag of T2, my preferred bounce target/reversal point for this bounce is the 172.90 level which is both price resistance as well as the 38.2% Fibonacci retracement of the move down off the June 20th high to yesterday’s low. While I favor that level capping any near-term rally in the Q’s, my upper-most bounce target & final level at which I would add back short exposure would be the 173.90 area which is also price resistance as well as the 50% Fib retracement level as highlighted on this 15-minute chart below:
QQQ 15-minute June 25th close