In the comments below yesterday’s QQQ & NQ Emini Price Targets post, I mentioned covering my /NQ (Nasdaq 100 Emini futures) short when my 6282 target was hit & reversing to a long position for an expected bounce. That proved to be the lows yesterday, followed by a decent rally that has carried over into today’s early trading session.While I only wanted to game a quick bounce off that support level by closing that position at just below the 6319 support/resistance level, I had stated that I could see that bounce going up to the 6351 support/resistance level, which it now has. As such, my expectation is now for a reversal & move back down to undercut yesterday’s low. Previous & updated /NQ 60-minute charts below:

QQQ (or any $NDX tracking vehicles) is still not official trade idea, primarily because the fact that SPY, MDY & IWM are still holding up for now. However, for those those trading QQQ or /NQ, it appears that a short entry here with a stop on a 60-minute candlestick close above 6375 seems objective for those targeting a move back down to undercut yesterday’s low & potentially any of the next two price targets around 6210 & maybe even 6128 (assuming that the $SPX rolls over soon as well).