The first support level to watch on QQQ is essentially today’s lows around 228.55 or so as /NQ has been testing, and so far holding on multiple tests, that 9398 level with only brief & minor dips below but no impulsive breaks or 60-minute candlestick closes below it yet.
Should QQQ take out today’s lows with conviction, the first targets would be around 224.70 (top of the recent gap) and the 222.72ish level below. Keep in mind it is Friday (before the weekend) with only an hour to go so I don’t expect much to happen today.

Thanks but not really a good call on oil yet. Certainly a good sign (so far) that the free-fall in /CL & USO was stopped cold at those 50-51 & 10.50ish support levels but that could prove to be no more than just a reaction (consolidation) on the way to much lower levels. I still like the trade but not profitable yet so holding for now but I won’t get married to it, should crude take another big leg down.

That was a typo which I just corrected. I try to get most of these posts published & out to everyone asap & in doing so, I usually don’t proof-read before submitting the post. As such, typos are common so thanks for pointing that one out. I had intended to type 9398 instead of 9319 (the first target/support below 9398).

So far, /NQ has made several runs at that 9398 support level today but just brief dips slightly below & yet to take it out impulsively or with a 60-minute candlestick close below it.

When he said “/ES (S&P 500 futures) has broken below the 3337 support following the most recent divergent high & subsequent rising wedge breakdown with a sell signal pending a break below 9319 in /NQ.”, I interpreted the “sell signal pending a break below 9319 in /NQ” as this break being the sell signal for /ES. How do you interpret this, Dan?

He didn’t say wait until 9319.

@jwconk What call on oil?