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The QQQs have plunged to new pullback lows this AM at 35.86, and as you can see from the juxtaposition of my hourly RSI momentum gauge, they may have a bit more selling pressure directly ahead prior to any meaningful bounce. My next immediate target zone is in the vicinity of 35.80/.75, and then 35.50/.30. At this juncture, only a rally that sustains above 36.15 will trigger very preliminary signals that the current downleg is complete. For the time being, however, the bears appear to be very much in directional control of the QQQs.

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