Technical analysis of QQQ, SPY, $VIX, & the top dozen or so components of the Nasdaq 100, most of which have currently fallen to support.
YouTube link: https://youtu.be/SL6t2lLk1T8
This is the second video of the day. In summary, we had high-probability sell signals on the 60-minute & more significant daily charts this week for the major stock indexes, indicating the likelihood of further downside in the coming weeks. However, at this time the tech-heavy QQQ is down about 3.5% on the day to minor support, with SPY & the majority of the top dozen or so components of QQQ at decent support where the odds for a relatively minor & brief reaction are elevated: Decent. Not great or very high but decent (slightly above 50%, IMO).
Bottom line: Less-active/nimble swing & trend trades might opt to sit tight on any index or semi short positions, riding out any relatively minor counter-trend bounces at this time, if holding out for any or all of the lower price targets or support levels on the QQQ, IWM, or SOXX 60-minuute or daily charts while active traders could attempt to game a quick bounce by reversing (covering shorts & going long) here at support, with stops not too far below.
Bounce or no bounce, I favor going home net-short into the weekend.