The daily QQQ chart is shown with the two down waves of equal length:
- 338-311 and
After the bottom, it has retraced 50% of the loss, but is looking weak today before the open.
xFF performance has been supporting prices in the upper cycle. I’m guessing that is not the way things will continue to play out. o3 looks like it will produce a loss today, in which case c1 looks OK OC, if c3 happens OC is not so good.
I’m not any kind of resistance expert, but expect there to be considerable supply of SPY at these levels.