FWIW- I’ve just decided to book profits on my /NQ (QQQ) position that I reversed back into long on Friday & reverse back to short again. I will discuss my reasoning in the next video (to be recorded & posted soon) but some of the issues that might cause QQQ to fall short of the bounce targets from last week are the continued rise in Treasury yields & continued weakness in EUR/USD as well as some of the other yellow flags that I’ve been highlighting recently.
I’m remaining flexible & may decide to reverse back to long again, depending on what I see today (especially solid reversals & rallies in the 10-yr bond, /ZN & IEF, as well as EUR/USD). Previous (Friday’s 2nd & last posted 60m) and updated 60-minute charts of QQQ below.
QQQ 60m 2 Sept 29th
QQQ 60m Oct 2nd