In addition to just backfilling the big June 10th gap (resistance), QQQ just trades as high as 300.21 so far today… close enough to my next target of 301 (1/3rd of 1%) to book profits & reverse to a short for a quick pullback trade. Looking for a min. pullback to the 296.50 area but may trail down stops to allow for a larger pullback. Should the Nasdaq 100 continue higher, my plan is to continue scaling into this /NQ short position if the Q’s continue up to my 301 & 304-305 targets 60-minute & 15-minute charts below.
QQQ 60m July 20th
QQQ 15m July 20th
Less-active, longer-term swing & trend traders might opt to ride out any pullbacks as the charts remain constructive & still point to more upside in the coming days to weeks. Additionally, I may decide to revise my trading plan and cover this short & reverse back to long at any time, depending on what I see. Min. /NQ pullback target just above the 12183 support level which is best viewed on a 5 or 10-minute chart.