Any or all of the marked overhead resistance levels on these 60-minute charts of QQQ & SPY are potential bounce targets, should the indexes hold above the recent lows & rally today and/or tomorrow. We don’t have anything remotely close to a buy signal or indication of a reversal from the current bearish trend yet although a break above the falling wedge & intersecting 177.20ish resistance level is likely to spark a short-covering rally in QQQ and the broad market along with it.


As my confidence on the bounce isn’t high enough right now, I’m only passing these along as unofficial trade ideas & again, best to wait for a break above the downtrend line & 177.20ish level on QQQ & ideally, an impulsive breakout. On a related note, I had a couple of inquiries in the trading room yesterday asking if I plan to revise the stops or any other trade parameters on the official long swing trades for AAPL & INTC and my answer was no. Both of those trades still look fine from a technical perspective and despite the fact that the stock market is in a downtrend & holding them back from rallying so far due to the forced selling that both AAPL & INTC incur as top components of both the Nasdaq 100 as well as the S&P 500, I prefer to stick with a trading plan until & unless I see something compelling that changes the outlook for a trade.