Member @ixtlanian requested a follow-up to the previous post outlining my scenario of the Nasdaq 100 Emini futures showing comparable levels on QQQ. While the downtrend lines of the futures (which trade virtually around the clock) & the ETF (with the regular session trades shown) differ slightly, the most significant technical level to watch on the Q’s at this time (at least for the bullish case) is the 161.66ish level.
QQQ 15-min April 6th
The 161.66 level was already resistance before QQQ took out the downtrend line on this 15-minute chart yesterday but capped the rally that ETF on several attempts yesterday, thereby further confirming that level as signficant resistance. Should the Q’s take that level out with conviction (i.e.- an impulsive move on increasing volume and/or a solid 60-minute close above), that would open the door for a move up to the final target of 165.10.