This is a traditional pattern recognition set-up that marks the end of large moves, usually found at the kick-off of reversals, tradable, intermediate and sometimes, remarkable: QQQ - Island Reversal So add this Island Reversal to the multiple reasons to be cautious this week, as set out in Saturday's Weekend Update. Key price levels, basis QQQ, are today's low print @ 510.53 and January's low print @ 499.70. If either and especailly both these levels are broken, today or any day this week, let's add more SQQQ calls and/or SPY/IWM puts. As of mid-session today (Monday) these are my best bets if the market is headed into an intermediate decline: SQQQ Calls: February 21st SPY Puts: March 21st QQQ crashed 5% overnight and has been trying to claw its way back up all session today. As of mid-session, it's failing. As noted in the Weekend Update, this could be a wild week, with FOMC and multiple big tech earnings reports due. Stay tuned. SPY - Island Reversal Quote of the Day (From X) "At noon, Nvidia is at critical support on 2x full day volume, meaning it's trading 400% average volume. If it breaks support I predict the machines will implode." NVDA
