/NQ (Nasdaq 100 futures) has just hit the 17454* target/support with the odds for a reaction elevated before the next leg down. To be clear, we have more significant sell signals on today’s breakdowns below the primary (Oct ’23 lows) trendlines on QQQ, SPY, & SOXX. As such, only active/nimble traders might opt to try and game a quick bounce off this support before reversing back to short while typical swing & trend traders might opt to sit tight and/or wait for the next sell signals I’ve been discussing (a break below last Tuesday’s lows on SPY, QQQ, META, & AMZN). Previous (Feb 12th & 13th) and updated 120-minute charts below.
NQ 120m Feb 12th
NQ 120m Feb 13th
NQ 120m Feb 20th
* Since the last 120-minute charts posted on 2/12 & 2/13th, I slightly tweaked that 17422 support to 17454 (only 18 basis points or less than 2/10ths of 1% higher).