QQQ (Nasdaq 100 Tracking ETF) offers an objective long entry here with an attractive risk/reward profile. While my primary scenario has the Q’s rallying up to the 165.64 resistance level from here, should QQQ happen to take one more thrust down to slightly undercut the double-bottom lows from Monday & earlier today before reversing, the existing bullish divergences in place on the 15-60 minute charts will only be extended.
QQQ 15-min April 4th
The price targets for this trade are T1 at 159.72 & T2 at 165.10 which would represent a gain of about 2.35% & 6% if hit. The maximum suggested stop (if targeting T2) is any move below 152.30. Due to the elevated volatility in the major indexes as this time, the suggested beta-adjusted position size for this trade is 0.90.