The stock market gapped-up over 350 Dow points in the first hour of trading and is now in the process of giving it all back. Right now the odds are about even that the market will close up or down today, but if it's the latter and spread across all indices, the Wave 2 countertrend highs are in and Wave 3 will be taking over. QQQ 30 Minute QQQ 290-280-270 levels will be KEY LEVELS of support as Wave 3 down begins to unfold. The short-term trend support line comes in at 288-290, so an hourly close much below that zone will suggest a new leg lower has begun. Since Wave 1 down ended at QQQ 270 on Jun 16th, breaking that low will immediately set much lower price projections, 250 minimum, in the days/weeks ahead. The alternative is more sideways to higher inside the reversal rectangle before bottom gives out. Holiday weekend ahead doesn't help trade management as volatility is still on vacation. DJI 2hour Next leg in bear market will generate 500% gains in index puts and 1000% gains in volatility calls. July expiration is still most likely target, but it needs to begin this week or next.
