QQQ, the ETF for Nasdaq 100, is at a juncture of probable rejection.  An intraday perspective, in this case I’m using the Hour chart, shows price is in the vicinity of a bearish PRZ.

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There’s two patterns that were auto-plotted from Ninja Trader’s HPCollection, the initial being the Bearish Bat at the ideal target of 110.64, the other at the ideal target of 112.47 for a Bearish Crab.  There are indications of price running out of steam which creates a quandary for the Bulls and implies a stall or pull back into support, this is not to say that the ideal target of 110.64 won’t be tested, but if price can break down 109.56, the probability increases for Retrace Mode of the Bat.

The ideal minimum Retrace target is 107.95 and the dreamed of target is 104.4 but scaling points (aka potential bounce points) at the gray levels.

That is the scenario for the Retrace Mode, however this intraday perspective does have an upside bias as long as can hold above 107.95 at the extreme but more important above 109.56, if so then attention is needed with the test of 110.64, keeping in mind price could breach to 111.44.  These levels are areas for bears to defend and if they can’t step up to Bat (pun intended), the the probability of testing 112.47 increases and it would be at this juncture for another evaluation.

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