QQQ just hit my first target zone on the daily chart as well as my first target (T1 at 342.16) on my weekly chart with QQQ & SPY both at deeper oversold reading on the RSI than they were on the bottom of the initial leg down on Feb 28, 2020, when COVID first rocked the markets. As such, active traders could reverse short to long to game a bounce with a minimum target a backfill of today’s gap (~3% bounce) while longer-term swing & trend traders might opt to sit tight with relatively wide stops in place to ride out any counter-trend bounces as the odds for more downside in the coming weeks to months have increased substantially with the additional “checkmarks” over the past several trading sessions. Daily & weekly charts below.
QQQ daily 2 Jan 24th
QQQ weekly Jan 24th