Thanks Randy….

That’s the hard part (getting back in on the re-entry point for shorting). In hindsight, looks like 187.5 on QQQ was it. Randy, do you read the tape to help you get back in?

YW & congrats on the timely exit (and best of luck on the re-entry point for shorting). FWIW, while a backfill of today’s gaps would be obvious bounce targets & are certainly possible, I do not expect a full backfill of today’s gap in SPY & QQQ. Rather, I suspect this rally off those supports that have since been followed with breakouts above those downtrend lines & first resistance levels just above, will be sold into soon with another leg down to follow.

Yes, big gaps overhead but no, I do not expect them to be backfilled today. My thoughts are in this reply posted above: https://rightsideofthechart.com/stock-futures-testing-support/#comment-14951

Yes, we are. I made a video shortly after this post which has since been published. What I explained was the fact that while /ES was still just a hair shy of the 2460 support, /NQ had been successfully testing its comparable 7540ish support all night & all morning, finally reversing off that level shortly after the market opened today & also taking out the downtrend line (as did /ES), followed by those price resistance (BOD) levels just above the TL’s. (which was the catalyst for the rally underway as I type right now at 10:49 am).

I posted a video after this post in which I cover the nearby support & resistance (plus target) levels as well as the likely scenarios for this week. /ES & /NQ have since broken out above those downtrend lines & first price support levels which has sparked a rally so far. While that does substantially increase the odds that those potential upside targets will now be hit, I suspect that the rally will get sold into early, falling shy of those potential bounce targets at some point today.