I'm still holding, I really want to see us push this resistance and that's where my stop will be. A failed break higher is a setup I want to be ready for but also want to be as patient as I can be because a QQQ move to 470 could happen pretty quickly, even if we are in a downtrend.
I see a scenario unfolding where things so calm down everyone says, "Okay that's over" just to get hit again without setting a new high. This has been a strong uptrend they don't just die at the first test. I think we have an issue though where the market just needs time and I don't see the setup for QQQ to set a new high. Instead we get overhead 50d resistance and rising 200d support that will start compressing and eventually forcing a shit or get off the pot moment a number weeks /months from now. That break will then determine if we close the year near the highs and have a strong year or a break lower that has this year end rather lackluster.
That's all worries for another day right now just going to stay focused on what we do know, a vix getting obliterated setting up for a sub 20 close for the week and the indexes making a run at some gap fill. This morning its going to struggle at yesterday's high and bears will have to show if they have anything left.
