Today's gap down confirmed my suspicions about the strength of yesterday's move. In a normal market that would have marked a bottom but that's not what is happening now. Just scalped a bit by buying the open and am flat waiting for further information. If we by some miracle close the gap, it might bring a good intraday short.
We could be basing for an intermediate bottom or ready to break support and into the abyss. Given how volatility is increasing and equities are snapping wildly, swing trading for now is a limited proposition at best. Until a floor gets better carved out or support is definitively broken (and there is also risk of a bear trap), it might be best to play small ball or just sit things out.
I think the hourly buy signal has failed several times with some triggers but with quick flameouts like yesterday. Mounting divergence though which adds to the risk of being short for a swing trade.
QQQ is no man's land
VIX if this black reversal candle gets bigger, this might bode well for equities