QQQ continues to struggle with the 38.2% Fibonacci retracement level which is the same level it was rejected off on back on Sept 10th. A solid break above would be near-term bullish while another solid rejection here would be bearish. Also note that QQQ broke below the minor uptrend line that was highlighted in yesterday’s video. That breakdown occurred late in the trading session yesterday (and highlighted in this update in the comment section below yesterday’s post) and could be the catalyst for a drop today although QQQ will need to take out the bottom of the very short-term trading range from the past 2-days (roughly 278-280.50). Updated 60-minute chart below.
QQQ 60m Sept 16th
/NQ (Nasdaq 100 futures) is also rolling off the top of the recent trading range +38.2% Fib retracement level offering an objective short entry with stops just above -or- a partial scale in adding up to but not above the 12000ish resistance level. Those long & holding out for additional upside might consider raising stops at this time. 60-minute chart below.
NQ 60m Sept 16th