Following the sell signals & objective short entries on last week’s breakdown & backtest of the primary uptrend line on the 60-minute charts, /NQ (Nasdaq 100 futures) has just hit the first price target of 14479 where the odds of a reaction are elevated before the next leg down to T2 (14313ish). The next objective short entry(ies) will come on a bounce towards the 14600ish minor resistance and/or a solid break below T1.
NQ 60m July 19th
A potential support level has been added to QQQ here at the 254.50ish level (defined by the bottom of the July 1-2 gap & 7/8 reaction low) which also aligns with the 14480ish target on /NQ. As such, we could get a reaction here although I still favor considerable more downside in the coming days to weeks following last week’s sell signals.
QQQ 60m July 19th