The QQQ reached the MS1 Level at 300.47 within the first 15 minutes of trading. As mentioned many times, this should be considered a ‘Fast Move’. Fast moves tend to be the most dangerous for a directional trade, as they can oftentimes be ‘False Moves’. Once the QQQ reached the Upside Limit, the likelihood of a close below MS1 diminished considerably. The QQQ then became an Intra-Day Reversal after reaching the ML1 Level at 303.97. Back-to-back Intra-Day Reversals are ‘Rare’. Increased volatility could create a back-to-back reversal.
The DIA and SPY did not reach any IDMM-HP levels during Wednesday’s trading session.
