Maybe. If today’s lows don’t hold, then 294 is likely the next stop.

A gap down on a hot CPI number would be the most likely reaction & we still have the big 294 support on QQQ below so maybe but I would much prefer to see the Q’s bounce off the dual support levels they closed on today.

Keep in mind the chop & slop will likely continue into the FOMC announcement on Wed afternoon. As such, we could get some whipsaws between now & immediately after the FOMC announcement so no reason to be heavily long or short right now IMO.

Yes, I’d say there is certainly a fair chance that the Q’s backtest the 294 level & even a decent chance that the counter-trend bounce already ran its course & we go to take out the recent lows & head down to my next trend targets on the weekly chart.

Until the charts convince me otherwise, I am still working off the primary thesis that we are in the early stages of a bear market with a lot more downside yet to come. As such, counter-trend rallies are likely to end just as the masses begin to think it is safe to get back into the market (and/or just as it begins to appear a rally might have some legs).

As such, I’m very much open to the potential for more downside tomorrow & next week but for now, cautiously bullish while leaning towards more upside in the coming weeks but ready to pivot on a dime (and also keeping it light for now).