After reversing to long at 375.40 support shortly before yesterday’s close for one last bounce with a break below that level to trigger likely to usher in a decent wave of selling, the expected bounce in QQQ has slightly overshot my upper target of 380* but is likely to end anywhere from here up to this gap resistance zone. Previous (yesterday’s initial 5-minute followed by the updated 5-minute chart covered in the video *revising the bounce target to 280.00), followed by today’s updated 5-minute chart below.
QQQ 5m July 27th
July 27th video screenshot
QQQ 5m July 28th
So far, only about about a 0.6% overshoot of that 280 target which was good for a 1.25% gain (only to the 280 target off the 375.40 support) so a good time to consider raising stops or booking profits and/or reversing back to short for those that took it. Keep in mind that a solid break below that seemingly minor support level of 375.40 on the very short-term 5-minute chart would also coincide with a break below the primary uptrend line on the much more significant 60-minute time frame on /NQ (Nasdaq 100 futures). Hence, a key level to watch.