Objective level for active traders that took the /NQ or QQQ short at the open today to cover for a quick 2% profit (in under 2 hrs) & reverse to long for a bounce off this support level. /NQ & QQQ 60-minute charts below.
NQ 60m Aug 1st
QQQ 60m Aug 1st
Bounce target(s) TBD but I’ve drawn the max. bounce target on these chart with the arrows. Longer-term swing & trend traders that began scaling back into a swing/trend short position at yesterday’s & this morning’s highs (my min. bounce target) might opt to sit tight for now and wait for either another push back into resistance and/or a solid break & 60-minute or daily close below this support level that /NQ & QQQ have currently fallen to.