The bounce trade posted at the open today played out perfectly for a quick ‘reverse from short to long & then back short to swing down to the next target’ trade with the next reversal opp here at the 15773ish target. Once again, I suspect that reaction off this level will be relatively minor & fleeting although I don’t expect the real fireworks to begin until after the FOMC announcement at 2 pm tomorrow as the markets usually go into a holding pattern in the day or so leading up to a well-anticipated FOMC meeting.
Typical (less-active) swing traders might opt to sit tight on any index shorts & ride out any counter-trend bounces as long as QQQ doesn’t move much above the key 401 resistance level. Previous & updated 60-minute charts of /NQ below.
NQ 60m Dec 14th
NQ 60m 2 Dec 14th