QQQ should hit my 185.50ish support around the same time SPY hit my 290.14ish support/target (from the 60-min charts posted yesterday morning), which make the odds good for at least a quick tradable bounce off the initial tag of those level. Previous & updated 60-minute charts.


Keep in mind that reversing from short to long here is “active trader stuff”. As of now, the price action over the past 3 days, as well as the bearish technical posture of the charts that has been building for months indicates that there will likely be more downside in the coming days to weeks, counter-trend rallies aside. As such, less-active swing traders might opt to sit tight on any short positions until & unless the near-term bearish outlook changes. Plus, the day is still young which leaves open the possibility that SPY could still reverse & rally to close back on or above the key 294 level today.