QQQ – Nasdaq ETF (Last:313.14)

After topping a micron above a longstanding bull-market target at 337.10, the Cubes have come down hard. They would have tripped a ‘mechanical’ buy if the selloff had hit x=294.75, but it was not to be. Instead, a weak rally from just above this benchmark pushed the trade out of range. Perhaps this was for the better, since the subsequent rally has so far failed to achieve the p=329.40 midpoint pivot where we might have taken a partial profit.  The ‘mechanical’ buy would still trigger if QQQ relapses to the green line, but I am not enthusiastic enough to recommend a straight limit-bid there. We can use the theoretical ‘buy’ signal nonetheless to set up a less risky entry, but there’s no hurry to settle on a plan until such time as x=294.75 is approached (or perhaps exceeded).