The QQQ (Nasdaq 100 ETF) Active Short Trade is currently poised to gap down below T1, trading as low as 159.62 so far today in the pre-market session (not reflected on this chart which shows prices as of yesterday’s close). Limit orders are filled at the limit price or better. As such, any standing buy-to-cover limit orders at T1 will be filled at or very near today’s opening price, assuming that these pre-market losses on QQQ stick with the ETF gapping down below 160.60 which is where the gain will be calculated for T1.

QQQ daily Nov 20th

QQQ daily Nov 20th

T2 at 152.55 remains the final target on the trade at this time, although one might opt to book partial or full profits at T1, depending on their trading plan & expectation for the market going forward. For those holding out for the final target, consider lowering or trailing down stops to protect profits at this time.

While it still appears that QQQ will likely hit T2 & possibly beyond, I am watching those potential bullish divergences on the 60-minute charts (above) of the /NQ & /ES  (Nasdaq 100 and S&P 500 E-mini futures) as a potential catalyst for a rally, should those divergences be confirmed via a bullish crossover soon. Should I see enough evidence in the charts to convince me that a substantial rally may materialize, I will consider closing this trade out early & will do so via a front page post along with an email notification.