725.56 (the R2 resistance level & top of “optimal shorting zone”) on my 5-min chart was even better/stronger resistance than the 722.20ish resistance. R2 also comes in around the key 50% Fibonnaci retracement level of the drop from the June 2nd highs to the June 5th (Friday) low.

Should the Q’s manage to shrug off this drop & power above today’s highs/resistance, the next solid resistance comes in at my R3 zone (5m chart), which also aligns with the key 61.8% Fib retracement.

My preferred scenario is that the bounce ended at today’s high, but another thrust up to the R3 zone/61.8% Fib would also offer an objective & the last objective short entry or add-on, IMO, with anything above that my “no-go” (no shorting) zone.

Although the day is still vey young, as of now this sharp drop in the Q’s has taken it below the bear flag pattern on the daily chart, with a solid close below to increase the odds the breakdown will stick.

Should the Q’s close the day around or especially below today’s low just above 707, that would also be an objective level to add to any swing shorts, as it would increase the odds that the bear flag breakdown is likely to stick & take the Q’s down to the measure target and/or any or all of my swing targets on the QQQ 60-minute chart. Updated 5-min chart showing today’s impulsive rejection off the S2 resistance level below.