A New Look for Q

Dip-buyers turned what could have been an ugly open, based on the initial move down in the futures last evening for U.S. equities, into what feels like a run-of-the-mill dip-buying frenzy.

And, yet, when we observe the updated 30-minute chart of the QQQ, ETF for the Nasdaq-100, we can see a lack of a "V-shape" rally, which we have seen so many times previously in this bull market. 

The chart also indicates, via the light blue lines, a pennant consolidation of the downdraft which commenced at the Nasdaq tagged all-time highs in late-June. Again, this is in stark contrast to the usual "V," as price has merely been churning sideways over the last week or so. 

Headed into the afternoon, I am watching this pattern closely, and will flesh this out as well as plenty of specific trade ideas I am stalking in my usual Midday Video for Market Chess Subscription Service members.