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The QQQ attempted to reclaim the $600 level and reached the midline on the hourly before peeling back. We discuss why the QQQ is likely headed lower in the intermediate-term.

Market finally showing signs its in a subtle and slow grind lower in a correction.

The QQQ continues to trade in our uncertain range ($605-$615) and we should have a better sense of direction once the trades out of that range. We discuss the scenario as it stands.

Market gapped down big but quickly filed the morning gap. We sold see a return to the lows later in the session.

QQQ has begun a second leg lower, but it’s still unclear whether we’re in a correction or whether this is just a big set-up for what will later be a larger sell-off.

QQQ makes rare second push down to fill the $610-$615 gap as it reaches deeply oversold for a second time. The segment pull-back has reached our target -4%.

QQQ reached oversold territory yesterday and is due to bounce. Should see a second leg lower after a near-term rebound.

The most recent segment from $589 to $637 on the QQQ has ended with a 2.45% pull-back from peak to trough. The QQQ did not reach oversold or close to it. We should see a second leg lower in the segment to oversold.

As a reminder, we’re at the end of the segment here. Originally our expectation was for the QQQ to peak somewhere between $640-$646. However, the current action suggests we may have already topped at $637.