The QQQ has been extended beyond S2 since the opening bell. This usually indicates a reversion into the range between S2 and S1, but today’s price action indicates that we may have a skewed probability distribution.
I am going to focus on the short side of the QQQ / NQ market with a 420.12 threshold to establish positions after an attempted push higher reverses lower.
A trend reversal is a distinct possibility as the Nas edges into overhead resistance, so I will keep stops tight and prepare to scalp upside momentum if we see wide-range bars with retracements into the lower part of their range.