A continuation of the bearish theme with some key levels to monitor over the next few days. Starting off though, a new one: MSFT. Note that shares are 10% off of the highs made as recently as Oct 28th. I don't see a great option trade here (puts are priced for a crash), but suffice it to say that where MSFT goes, the Nasdaq will follow and MSFT below $500 does not bode well for any market index. MSFT Daily Believe it or not, target is the previous 4th wave, i.e., $350 DJIA 180 Minute Fib retracement looks to be over. SPX Daily Ditto. QQQ 180 Minute Below yesterday's low (617.21) breaks two parallel trend channels and should result in an acceleration down. SQQQ 180 Minute Remember this chart from yesterday? SQQQ Dec Calls A lot can happen in 43 days. Speaking of which: There always seems to be someone calling for a market crash and I'm not keen to jump on that bandwagon, but being aware a window based on pattern recognition is part of my job description. If QQQ closes below 600, consider that window wide open.
