/NQ (Nasdaq 100 futures) short-term swing trade has just hit the third price target (T3), with QQQ still holding around it’s second price target (15-minute chart) with the reaction off that level more so in time vs. price, so far. Depending on your trading plan, consider booking partial or full profits and/or raising stops if holding out for T4 or T5. Initial (Oct 29th), previous (yesterday’s) & updated 60-minute charts below.
NQ 60m Oct 29th
NQ 60m Nov 5th
NQ 60m Nov 6th
FWIW, my confidence as to whether we get much of a tradable bounce before heading down to the next targets on /NQ & QQQ is not very high at this time. Bounce or now bounce off these support levels on /NQ & QQQ, I still favor the next downside targets being hit in the coming days/weeks & if so, will likely be turning to the longer-term swing targets on the daily & weekly charts, especially if/when SOXX has clearly taken out the downtrend line covered in yesterday’s video (which it is still testing for the 3rd consecutive day), along with the majority of leading semi stocks also breaking down. Until then, as I often say; Support is support until & unless broken.