Upon further review of the charts & zooming down to the 10-minute chart, I’ve revised the top of the pullback target range that I posted on /NQ yesterday when T3 was hit slightly higher to 12592 (price + TL support where /NQ is currently trading) down to the same 12350 max. downside target (just above the 12340 support) with about 60/40 odds that the pullback ends here or there.
NQ 10m May 31st
Here’s the 60-minute chart posted while /NQ was trading in the Globex session yesterday (stock market closed but futures were trading) when /NQ hit the bottom of the third target zone followed by the updated chart with the (slightly higher) revised minimum pullback target, which has the potential to contain this pullback.
NQ 60m May 30th
NQ 60m May 31st
Regarding QQQ, I’m leaning towards the yellow scenario (a continued rally up to T4) but open to the potential for a pullback to test Friday’s gap before then. Should this morning’s lows (the aforementioned price & uptrend line support on the 10-minute chart) get taken out with conviction, that would likely open the door for the deeper pullback of about another 2% or so in /NQ & QQQ. As such, I’ve covered my /NQ shorts taken off T3 yesterday, reversed to long & will add to that position should /NQ & QQQ continue down to my max. pullback targets. 60-minute chart below.
QQQ 60m May 31st