Based on the fact that both QQQ & SPY have fallen to key support level while oversold, TQQQ (3x long Nasdaq 100 ETF) offers an objective, but aggressive long entry here around the 56.73 level for a bounce target up to 63.02.

TQQQ 60-min Oct 10th

TQQQ 60-min Oct 10th

The sole price target for what I expect to be a relatively quick (1-3 day) counter-trend trade is 63.02 with a suggested stop on any move below 55.10. While I would normally reduce the suggested position size down by a one-third to account for the 300% leverage, the unusually short-term (expected) duration of this swing trade coupled with what I believe to be an above average R/R profile on this trade is favorable enough to go with a suggested beta-adjustment of 0.60. Risk-adverse traders should pass if this does not mesh with there trading style, objective or comfort level.

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