I’m in the car returning home but just wanted to get a quick post out to say that both /NQ and QQQ have just hit the first downside targets from the short re-entries posted yesterday and today.
i.e. – this is an objective level for active traders that shorted those resistance levels at those preferred bounce targets late yesterday and early today to cover those shorts and reverse to long to attempt to game a quick bounce before the next leg down.
Can’t post charts right now as I’m working off my cell phone but should be back to my desk before the close today.
Longer term swing & trend traders that used those levels to scale or reverse back into shorts might opt to sit tight if holding out for the additional longer-term downside targets.