Qs Still Above Trendline
Although CSCO, a major component of the Qs, has broken its longer-term trendline, the Qs themselves still remain solidly above theirs.
The longer-term short setup here is to wait for a break of that trendline and a coincident failure of the recent major support level just above 43.00. The longer-term long setup would be to sit tight if you’re long, or enter on a resumption of the primary (up) trend if you’re not. (Although I can’t see a trend-follower being long here- they would have been stopped out in late December and would be waiting to re-enter. If lots of them are, we’ll see a big volume surge on the next rally.)
And yes, I do find it agonizing just sitting and waiting. Perhaps I need a more comfortable rocking chair…