Yep. QQQ, XLK & MSFT all below the trendlines now. About ready to make the QQQ & SOXS trades official but official or not, a starter position either or both might not be a bad idea in case we gap down big on Monday. Just over an hour to go for a stick save (or not), should be interesting.

I’m thinking of jumping in if QQQ falls below 186, a bit below Wed’s low.

If/when the dam breaks, you’ll likely know it. So far, this has been a fairly orderly pullback with QQQ only down a run-of-the-mill 1.3% but if/when those supports are clearly taken out, the selling is likely to accelerate. Still can’t rule out a stick save yet as the day is still relatively young & even a relatively slight close below those levels today could still be reversed tomorrow and there are a lot of very powerful (well-capitalized) entities that will do what it takes to prevent the market from breaking down. Taking it one tick at a time but so far, the risk of a sharp drop is substantially elevated right now.

Got it, thanks Randy.

Due to the fact that the tech sector is, by far, the heaviest-weighted sector in both the S&P 500 as well as the Nasdaq 100, chances are that if the technology sector breaks down & starts a correction, it will drag the rest of the market, including the financials, down with as was the case in Q4 2018 & just about every other decent correction in recent years. What happens is that selling (in the tech stocks) leads to redemptions and more forced selling in the indexes (SPX index funds, SPY, QQQ, etc.) and as the funds are hit with those redemptions, they must sell what they hold proportionally to their allocations among the individual stocks & sectors, hence, we would likely get what is referred to as a ‘broad-based selloff’ where most sectors & stocks drop, which is what occurred last fall.

Thank you so much.

Hourly close below but the volume isn’t there. I want to believe but I don’t just yet!

Starting to crack but not impulsively or by a wide margin yet. If we do start to slide clearly below those TL’s, Trump will be on the phone to the PPT calling for a stick save. Hopefully, the PPT traders won’t hear the phone ringing…

https://www.screencast.com/t/gvRqaSiM