Intraday comment on QQQQ's, the Nasdaq and the equities markets

The Nasdaq 100 ($NDX) market (with the QQQQ's as a commonly-traded ETF) has now tested up to a Fibonacci retrace level I described in my post, Keepin' it simple: Numbers and lines on the Nasdaq 100 index chart this past weekend. I discuss it a bit more today in this post, NDX at 1.382; TRIN, CPCE at my UBTNB3 blogspot. Investors and traders should want to keep an eye on how the Nasdaq 100 and the QQQQ's react from this level, not just today but after today. The specific level would be at about 1388, or just above 1409, in the NDX.

Below is a chart showing how the Nasdaq 100 index looks right now. This test of the Fibonacci level I described in that prior post, is also occurring as the index more nearly tests its 200-day moving average, probably the most widely-watched moving average for position investors and traders. There's been a bit of negative divergence in the indicators, which doesn't guarantee a pullback (or worse). Personally I think that chart reaction after today will be what we'll want to watch closely.