QQQ has fallen to the 183 support in pre-market, were a reaction (buy the gap) is likely at the open today. Smaller, 2-minute chart inserted into the larger 60-minute chart shows the pre-market session trades & current price level in green.
QQQ 60-min Aug 5th
SPY is trading slightly below the 290 support in pre-market with a reaction (i.e.- buy the gap) likely at the open today. However, support is support until & unless broken so should these support levels fail to hold during the regular session today, that would open the door to a larger selloff but for now, I continue to favor a reaction off the initial tag of these levels.
SPY 60-min Aug 5th