Both QQQ & SPY hit & bounced off the first support levels which were highlighted earlier today as well as in previous market updates. As the initial tag of a support level from above often produces a reaction & it’s hard to say exactly how much further this bounce is likely to go, my guess is that it will likely terminate here as QQQ has bounced back to the 147.26 former support, now resistance level. Remember that 3 of the 5 market leading FAAMG stocks will report earnings tomorrow after the bell. As such, the market will most likely flounder around until the close tomorrow with any sharp moves coming on Friday & into next week. The previous 60-minute charts from Monday, Oct 16th which highlighted this scenario which has so far played out are followed by the updated 60-minute charts below.

Click on the first chart to expand, then click anywhere on the right side of each expanded chart to advance to the next chart. Expanded charts can be panned and zoomed for additional detail.