Regarding the QQQs, the Qs at 1:30 Eastern are trading at 34.82, which is right in the middle of the range for today but also in the lower portion of the downmove that started yesterday at 35.50.
So the Qs basically have made no net upside progress for today in terms of the overall pattern from yesterday’s high. That pattern has exhibited a bearish form and suggested we started a new downleg in the bear move that started in January.
If my work is correct and as long as 35.50 remains intact as yesterday’s high, the Qs will remain bearish, and regardless of what they do intraday will work their way down to take out or test first the 34.11 low from last week.
As far as the intraday work goes, today’s key level is the high at 35-35.02. If 35.02 is taken out at any rally intraday today, then you’ll probably continue higher into the 35.30 area. Again, with options expiration coming tomorrow, anything can happen as we get closer and closer to today’s close.
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