/NQ (Nasdaq 100 futures) has hit the bottom of the third & final near-term target zone (60-minute chart). Active traders might consider booking partial or full profits to re-enter on a pullback and/or raise stops if holding out for the additional longer-term bounce targets. Original chart from the May 12th short-to-long pivot followed by the next chart posted May 22th, & the updated (Monday a.m.) 60-minute chart below.
NQ 60m May 12th
NQ 60m May 22nd
NQ 60m May 30th
Keep in mind that the stock market (hence, QQQ) is closed today for Memorial Day while the stock futures are trading. Also, I continue to favor more upside in major stock indices in the coming weeks although the combination of the stock futures rallying into resistance (bottom of T3 target zone which includes the 38.2%) while very overbought on the 60-minute time frame, increases the odds of a pullback or some consolidation at this time as would another marginal thrust higher to the top of the target zone around 12973.
The next price target on the QQQ 60-minute time frame remains 318 (T4) which could be hit when the stock market resumes trading tomorrow if /NQ can power up one last thrust higher towards the top of the T3 zone by then. Should that occur, especially with negative divergences on the 60-minute time frame (which we don’t yet have), that would set the stage for an even deeper pullback.