This is the 240 minute chart of QQQ with the Fibonacci retracement level overlay. Whereas more retracement is possible, the index has reached into the ideal Fibonacci retracement zone, between 721 (0.382) and 731 (0.618). A reversal taking out today's lows would be very bearish. If at anytime this week the Q's take out the 713 price level, expect much lower prices to follow. Taking out Friday's low of 700 (after hours) will be frosting on the cake. QQQ 240 I covered the Big Picture in the Weekend Update. Nothing about today's snap-back rally changes that analysis. Use a break below 713 to add to or if stopped, re-establish July put positions. If the Q's continue to rally, I may raise that next Sell Short (buy puts) price level. The 50% Trailing stop was triggered in early trading. On a break below 713, re-establish full short positions.
