I'm holding an SQQQ long (3x short QQQ ETF), I'm going to take a much closer look at confirmation assets, QLD, QID, SQQQ and TQQQ, I may end up putting something out for SQQQ which I have no intention of letting go.
The NASDAQ Futures are very cluttered and NQ has not been looking good.
NQ / NASDAQ 100 futures are very congested with an overnight leading negative divegrence. Part of the congestion may be a max-pain options expiration pin on the weeklies, but that doesn't explain the divergence which as I mentioned was already migrating to longer charts.
NQ 5 min in a larger relative negative divergence (red arrow) and a leading negative since yesterday's action. I posted the charts for NQ out to 60 min this morning.
As for the Q's, it's still somewhat early, but we can get confirmation on intraday charts by now.
None to be found on the fastest intraday chart.
While the very recent activity has seen a very sharp leading negative divergence, nearly vertical.
And of course the hourly which has so many parallels from other averages, Leading Indicators, the Institutional client flow from BAC, etc. right in this same area.
However it's the 60 min candlesticks I was noticing in yellow, all with either VERY small bodies or long upper wicks, indecision, loss of momentum and higher prices rejected.
I'll get back to you on SQQQ after I see if there's confirmation through the multiple correlated assets.
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