Should the market rally today (whether we get one more thrust down to put in a marginal new low first or not), the potential price targets and first key resistance level for QQQ are listed on the 30-minute chart below with T2 my current max. bounce target.
QQQ 30m March 17th
Comparable bounce targets/resistance levels for SPY are also listed on this 30-minute chart below.
SPY 30m March 17th
Potential bounce targets (and the first resistance level around 7293.50) are also listed on the 60-minute chart below, should /NQ rally today (with the downtrend line also a likely resistance/target level, if so).
NQ 60m March 17th
I am only passing these along as unofficial trade ideas as we currently have absolutely zero buy signals or evidence or a reversal in the stock market during the most impulsive downtrend in over a decade. As such, any long trades on the indexes at this time should be considered aggressive, counter-trend trades although I do believe that the R/R is favorable for a long position taken here (and/or on a break of the first resistance levels in the charts above) with the appropriate stops in place.
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