QQQ Update

I've shown you the SPY charts, last night I posted quite a few in the daily wrap, I've also told you that Tech looks bad vs Financials and I've been saying that since last week and more specifically, the Q's don't look good to me at all, in fact if I was just looking at the Q's, I'd think we are heading to new lows with no chance of a bounce so let me show you what I meant and what has changed since yesterday.

 The 60 min chart is trashed, but it should be, all of the other averages are like this or worse so no surprises there.

The 30 min is unremarkable.

At the 15 min you can see a clear difference between the SPY 15 min and the QQQ (as well as IWM to a lesser extent). Now you see why I would not dare call for a bounce based on this chart, however Index futures for the NASDAQ 100 do look much better.

The 5 min chart is the new dividing line, it is in line with price.

This next chart is new data really most of it since yesterday.

Q's were negative coming down from the 14th as they are on every other chart and then in line, but they have gone positive here and especially in to the post-minutes knee-jerk low, ir seems there was a lot of accumulation of those lows.

At this point I would not consider a long in the Q's, but I'm VERY interested to see if they catch up on the positive side, that would start with a positive 5 min chart, if that happens, then the Q's may make for a decent short term trade using leverage, either calls of TQQQ long, for now though, it's "Be patient, collect the data and see where the probabilities are".