I don’t typically post day trade setups but figured I’d pass this one along for active traders that might be interested in as, should we get the buy signal (breakout), the $NDX (QQQ or /NQ) could rally 1-1½% in a less than a hour. A solid break above this downtrend line would likely spark a snap-back rally into the close today. The chart below is the 5-minute chart of /NQ although those levels (downtrend line & horizontal/price resistance levels/targets) can easily be replicated on QQQ.
NQ 5m Oct 25th
I just added to the longs I reversed into earlier today with room for one more lot if /NQ can breakout soon (ideally by 3:20 pm EST). However, as with yesterday, I prefer to go home with a mild short position before META reports after the close today so only looking at this as a quick counter-trend trade (like yesterday’s bounce longs).
Also note that I will be away from my desk all morning tomorrow & should return around or shortly after lunchtime so no posts until then (other than one more update later today).