Following the hit & reversal off the 18419 second target/support on /NQ from Thursday’s active trader & swing short entry at the top of the recent trading range, /NQ (Nasdaq 100 futures) and QQQ (Nasdaq 100 ETF) offers an objective long-to-short reversal (or new short) entry for active traders here at the downtrend line. Previous (Thursday’s) & updated 15-minute charts of /NQ followed by updated 15-minute chart of QQQ below.
NQ-15m-March-21st
NQ 15m March 25th
QQQ 15m 2 March 25th
Suggested stops for swing traders (that entered at the top of the range last week) remains at or somewhat above last week’s highs (just above a typical stop-raid level around 1-2% above) while active traders might opt for a stop somewhat above this downtrend line on a 60-minute closing basis (to allow for an brief intraday stop-clearing pop above it).
With QQQ & the majority of FKA Mag 7 stocks as well as $SPX top sectors still above my key yellow support levels (including the key 433 support on QQQ), I will remain in active trading mode for the time being while still planning to morph into more of a typical (multi-week+) swing trading mode if & when the majority of those key support levels are taken out. My reasoning is because the market remains more conductive to active trading (holding periods measured in just hours or days) vs. swing trading (weeks to months) at this time.