Battle Lines Drawn for the Afternoon

Before I head in to film my usual Midday Video for Members, note the Nasdaq's top stocks in the QQQ ETF, below on an intraday timeframe, is toying with the $130 level on numerous occasions today.

We looked at a longer-term view of the Nasdaq earlier. But, here, the intraday look shows the bounce off the morning lows may be setting up a new leg down. 

Of course, we know how resilient bulls have been in this market for a good while now. So, we need to wait on some more bonafide changes in character before becoming too cautious or bearish. Still, it is worth keeping tabs on whether the tape keeps delivering the comeback bulls have grown accustomed to (and to which bears have seemingly become numb), or instead we see a surprise afternoon dump. 

With the likes of materials, NVDA, and TSLA selling off hard here, bears likely have their best shot in 2017 for at least some type of minor victory. 

Either way, we are keying off $130 on the QQQ for clues.