QQQ remains in both a short-term and intermediate-term downtrend by nearly all metrics at this time & most (but not all) long-term indicators & metrics. The purple lines show the overhead resistance levels on this QQQ 60-minute chart.
QQQ 60m Oct 17th
Keep in mind that the major stock indices still have positive divergences on multiple time frames and would need to take out the recent lows by a relatively small margin to take out those divergences. As such, the R/R remains nearly but not fully bilateral at this time (i.e.- a decent case for a substantial drop or a substantial rally can both be made) although I always tilt the odds in the direction of the prevailing trend. As such, my preferred strategy remains to stay short with swing/trend positions and/or shorting rallies into resistance although a solid recovery back above the key 270ish level in QQQ, especially on a solid daily and/or weekly close above that level would certainly boost the odds for the bullish case.