QQQ remains slightly above the minor uptrend line on this 60-minute time frame with a sell signal still pending a solid break and/or 60-minute close below. I’ve listed a few unofficial price targets (i.e.- the actual support levels or support zone where a reaction is likely upon the initial tag) should a sell signal trigger soon, which appears likely.
QQQ 60m Sept 3rd
/NQ (Nasdaq 100 futures) has moved slightly below the minor uptrend line on this 60-minute chart, triggering an early sell signal which will be confirmed on any additional downside & ideally, a solid 60m candlestick close below the trendline. Price targets denoted by the arrow breaks (T1 zone 12010.50-11940).
NQ 60m Sept 3rd
As Big Tech (i.e.- the FAAMGs, TSLA, NFLX, et al.) has been an extremely crowded trade in recent months, I suspect the Nasdaq 100 will outperform the S&P 500 to the downside once the next correction sets in. As such, the $NDX will remain my primary focus for the time being. With that being said, if when QQQ finally corrects, SPY will get dragged down with although most likely falling less than the tech-heavy Q’s as momentum traders rush for the crowded exit. My first two unadjusted price targets for SPY are 349.50 & 340.
SPY 60m Sept 2nd