This bounce back to the 17946 minor resistance on /NQ (Nasdaq 100 futures) as well as any additional marginal (1/2%) push up to the key 18050ish resistance (bottom of trading range) offers an objective short entry or add-on to /NQ or QQQ. 60-minute chart below.
NQ 60m April 29th
Likewise, this bounce back to the key 433ish resistance + 50ema on QQQ offers an objective short entry or add-on. With several big potential market-moving events, including but not limited to the FOMC meeting, as well as some huge earnings reports, including AAPL, AMZN, AMD, SMCI, & more, coming out this week, volatility is all but guaranteed to be high. Along with volatility, especially due to knee-jerk swings from both economic reports & earnings reports, often comes increased whipsaws (false breaks of support & resistance).
QQQ daily April 29th
As such, I plan to sit tight on my swing shorts for the time being and don’t have a hard “stop” above 433, rather a “no-add” zone above that level, as previously discussed in recent videos. As of now, I still favor more downside on the existing QQQ swing short to the 200-day moving averages/T3/T4 area & will continue to re-assess the charts as they develop this week, albeit factoring in the increased likelihood of whipsaws & thereby giving my swing positions a little breathing room this week.