QQQ & SPY have been good for a ~3% drop from where they reversed at the T2 second target on SPY & T3 third target on QQQ around the close yesterday. I’ve just reversed my /ES & /NQ positions from short to long as both SPY & QQQ are just a hair above the first pullback targets from yesterday (first 30-minute charts below) in pre-market trading while both /NQ & /ES are at or very near comparable support levels where the odds are good for a bounce, followed by another leg down. (Yesterday’s SPY chart showed the first arrow break at 244.93 although I should have stopped it at that 250.51 support line as that was/is the first significant support level which also aligns with the first target on QQQ).

The 60-minute charts of /ES & /NQ below also show the current support levels which the stock futures have fallen to with additional supports just below which helps to support the case for closing the shorts & reversing to a long position here.

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