Not much new to report as the market continues to bounce after hitting the initial downside targets on the daily charts. With prices quickly approaching my second & preferred bounce target, I plan to book partial or possibly full profits on the long side hedges and possibly start strategically adding back short exposure. Although T2 (86.80) is my preferred bounce target, I am nearly as open to a continued move up to my 3rd and final bounce target (T3 at 87.60), although I would expect a decent reaction off the T2 level before we get there (assuming that we do). If & when prices manage to take out the T3 level by a decent margin, I will share my thoughts at that time.

QQQ 60 minute April 17th

QQQ 60 minute April 17th

For those with a long-term bullish view who added long exposure around the T4 level, consider raising or trailing stops in order to let your winners ride while protecting profits, as new highs in the market is certainly a possibility. For those who share my longer-term bearish outlook, there are plenty of Active Short Trades that will be offering objective short entries or add-ons to an existing position as they bounce back to resistance. Finally, for those not sure which way to be positioned during all this recent volatility, staying on the sidelines (in cash) is probably the best trade that you can make at this time.