For those that reversed from long to short at the first bounce targets on /NQ & QQQ earlier today, this appears to be an objective level to book the quick 2% profit on the /NQ or QQQ short and/or /ES & SPY as /ES is coming up on the trendline/downside price target first posted last Friday (first chart below) , offering an objective level to cover that short (or the one from today, for that that gamed the bounce long off support yesterday) & reverse to long for a another bounce trade. Previous (Feb 17th) and updated 60-minute charts below.
ES 60m Feb 17th
ES 60m Feb 23rd
I’m still not looking for a moon-shot on the long-side bounce trades due to the recent sell signals on the more significant daily time frames as well as the recent breakout above the bullish falling wedge pattern on the $VIX, which is still well-above the breakout level. Just actively trading the minor zigs & zags off the intraday charts as the stock market continues to grind around above key support just below as it continues to digest the overbought rally off the Jan lows. Arrows shown on the updated /ES chart above are only a rough guide & may or may not be my swing target for this long-side bounce trade.