QQQ is all gnarled up in megaphones for opex week. Right now it’s megaphoning across VWAP of the red megaphone on the 60-minute chart.
The blue megaphone at the top of the red megaphone needed a retrace to VWAP and this morning’s little gap up took care of that. Now the little orange megaphone needs a retrace to at least its VWAP at roughly 131, and it’s a favorite to go for the red and orange megaphone bottoms (green scenario) unless it gets bogged down in a new megaphone across 131 (pink scenario).
The pink scenario would usually mean a triangle is forming between the red megaphone high and low.
There is no fast escape from this muddle. Any move to a new red megaphone high or low will require a retrace to 131 before a real breakout because of the interior megaphones.