Now that the QQQQ has taken out its January 20th low, the next stop is the November low. The Q’s still have a gap left over from the open on November 24th. I have the bottom of the gap at 26.67 and the top at 26.84. So, if the market takes another leg down this week, that is a logical zone in which to look for support.
Apple is also nearing two gaps left open from January 21st and 22nd, so those might be important levels where the market could bounce. Gaps will usually produce an initial bounce, but if the gap is filled, think of it as a support level being erased.
Make sure to see JungleGirl’s EWT projections here.