Both QQQ & SPY are approaching the resistance zones that I’ve highlighted just below Monday’s big gaps thereby offering an objective level to initiate or add short exposure. QQQ is under consideration to be added as an official trade and if so, price target & other trade parameters will be provided. As of now, my preference is to add back short exposure by scaling in strategically, such as bounces back up to (or just below) key resistance levels such as this.
SPY 60-min Aug 8th
QQQ 60-min Aug 8th