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QQQ Likely To Bounce Off 104 Support Level

QQQ is likely to mount a near-term oversold rally into the close (possibly with a last minute dump before the close) today, most likely with a resumption of the selling and solid break below the 104 support level to occur next week before reaching my minimum downside target of 100.00.

The selling has been quite impulsive lately so personally, I'm not betting much on a bounce off the 104 level but I did reduce some short exposure to the Q's & individual tech stocks which I will likely add back either on a bounce and/or a solid break below the 104 level.

If the Q's do bounce from here, the SPY would likely bounce in sympathy although keep in mind that the SPY is still above my 197.85 downside target/support and with that level most likely acting as a magnet for prices, the SPY may or may not mount much of a tradable rally even if the QQQ does.

QQQ daily Aug 21st

QQQ daily Aug 21st

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Aug 21, 2015 1:38pm|Categories: Equity Market Analysis|Tags: , |Comments Off on QQQ Likely To Bounce Off 104 Support Level