A Certain Degree of Symmetry

With swinging shorts becoming increasingly risky in recent sessions, given the rising risk of a stretched rubber band market snapping back hard, we have instead tightened our timeframe even more inside Market Chess Subscription Services. 

The larger picture of the market technicals and damage sustained has not yet changed, despite several calls for a major bottom already in place. In reality, no one knows for sure if the downtrend in 2016 has been terminated or is just beginning, though the declining 200-day moving averages across the board would compel most prudent speculators to at least consider the possibility of a sustained downtrend throughout the year, even if it flies in the face of those mocking anyone who references the year 2008. 

In the interim, we are looking to see whether the Nasdaq can hold over $102.35, to be precise, which would mark the "neckline" of an inverse head and shoulders short-term bottoming formation, seen on the 30-minute timeframe of the QQQ ETF, below. 

If we are in the midst of a relief rally, or something larger than that, then holding this neckline area would make sense as a necessary (but not sufficient) first step for bulls.