Leisurely Bouncing

The market has a distinct "What me worry?" feel to it this morning, acting as though the tech swoon into the bell yesterday never really happened. 

With this in mind, some chart perspective is in order. 

On the 15-minute QQQ timeframe, seen below, note that a bit of a relief bounce in the very near-term should not be too surprise. After all, since Monday morning's gap higher it has essentially been downhill ever since.

I am eyeing the $139 level as an initial level to see how frisky shorts are feeling. If they are looking to play the gunslinger role headed into end of month/quarter/July 4th, then they would pile on to reload some shorts as they bet on a bear flag (on this timeframe). After that, the big round $140 level could act as a price magnet. 

Of course, we know that bull want that legendary V-shape rally to materialize, once again, rendering yesterday's action not only null and void, but also sucking in a new batch of bears to squeeze to new highs. Indeed, their argument partially hinges on rotation, be it brokers, exchanges, solars, etc.. 

But even that argument concedes that the Nasdaq will not be leading in the near-term. Thus, all we can do is gauge the QQQ chart in real-time as it unfolds, keeping in the mind that the heavy selling in chips and the likes of GOOGL ought to be respected  as at least some type of consolidation until proven otherwise.