/NQ (Nasdaq 100 futures) and QQQ (Nasdaq 100 ETF) have rallied into the downtrend line off their highs (i.e.- resistance) where a reaction and/or trend reversal is likely. While this is certainly an objective level to book profits on longs and/or initiate or add to a short on the Q’s, my personal preference remains to wait until/unless QQQ drops back below 433 before moving to a full swing short position although active traders can certainly make a case for a full short position to game a pullback to any of the initial targets on these charts (or trail down stops & let it run/morph into a longer-term swing trade). 60-minute charts below.
/NQ & QQQ At Downtrend Line Resistance 5-7-24
Share this! (member restricted content requires registration)
6 Comments