With /NQ & QQQ still trading (and so far, stopped cold) at the primary downtrend line off the highs (as per the first post earlier today), the Q’s still offer an objective short entry for active traders here and/or on a break below this 5-minute bearish rising wedge pattern (same as the 15m wedge covered in the video published just before this post) with a minimum & current preferred target just above the 436.26 support (about 1.2% below current levels).
QQQ 5m May 7th
Likewise, SPY (S&P 500 ETF) is currently testing downtrend line resistance with a sell signal to come on a solid break and/or 15-minute close below this bearish rising wedge pattern on the 15-minute chart below.
SPY 15m May 7th
Another option (vs. booking profits at T1 and/or T2), assuming the Q’s break below this small wedge & continue lower, would be to trail down stops & allow for a potential “runner” swing trade, should QQQ continue to fall back well below the key 433 support.