SPY is hovering just above the top of its Aug14/15 gap (support) following yesterday’s breakdown below the trading range with decent odds for an oversold bounce today. Any (near) backtest of the range would offer an objective short entry or exit for active traders looking to game an oversold bounce off support today. 15-minute chart below.
SPY 15m Sept 4th
On the same 15-minute time frame, QQQ is currently trading at the 459.80 support with gap support just below. Any oversold bounce back to these resistance levels (arrow breaks)would offer objective exits on any bounce longs and/or re-shorting levels.
QQQ 15m Sept 4th