QQQ is currently trading on the lower-most TL (support) with 40-minutes before the close of the week although today’s price action helps to strengthen the bearish case, increasing the odds of more downside next week. As such, my preferred is to sit tight on all swing short position over the weekend.
QQQ daily 2 Aug 23rd
As with QQQ, SPY was impulsively rejected off the top of the recent trading range & based on everything I see from the 60-minute charts out to the weekly charts, I favor considerably more downside in the coming weeks although a break below 282 will certainly help to firm that up.
SPY daily 2 Aug 23rd