Following the reversal off 50% Fib retracement & divergent low, which was immediately followed by bullish falling wedge breakout as highlighted on Thursday, that rally from that technical catalyst appears to be nearing an end. Objective short entries on /NQ (Nasdaq 100 futures) will come on either a break below this 10-minute bearish rising wedge pattern and/or a little more upside to just below the 24545 resistance just above (which will extend the existing negative divergences).
NQ 10m April 6th
Ditto for /ES (S&P 500 futures), which also hit & reversed off its comparable 50% Fib retracement, followed by a breakout above the similar bullish falling wedge pattern. The next objective short entries on /ES will come on either a break below this 10-min bearish rising wedge pattern and/or a little more upside to just below the 24545 resistance just above (which will extend the existing negative divergences), especially with QQQ & SPY still within my bounce target zones on the daily charts.
ES 10m April 6th
For ETF traders, although I always suggest aligning/confirming long & short entries on the ETFs with comparable objective buy & sell levels on the futures, objective short entries on QQQ will come on either a break below this 5-minute bearish rising wedge pattern and/or a little more upside to around the 592.50ishish resistance just above (which will extend the existing negative divergences.
QQQ 5m March 6th
Likewise, the next objective short entries on SPY will come on either a break below this 5-minute bearish rising wedge pattern and/or a little more upside to around the 661-662ish resistance just above (which will extend the existing negative divergences.
SPY 5m April 6th