The Nasdaq 100 (QQQQ) continues to be under intermediate term pressure and it is now testing the 61.8% retracement level outlined on the 30 minute timeframe. The 50 day moving average is also found near by at ~29.66. Fib levels and moving averages are not reasons to buy, they are just tools to help us determine where buyers and sellers may congregate, our job is then to observe the action on shorter term timeframes to look for clues of a potential shift. If buyers are going to save this market from a collapse this is where support will need to be found. Right now there is no evidence that buyers are stepping up. With options expiration on Friday and the Presidential Inaguration next Tuesday, volatility should remain high which will continue to favor shorter term trades.