/NQ (Nasdaq 100 futures) has rallied into the second resistance level (11541) following the breakout & backtest of the recently highlighted 60-minute bullish falling wedge pattern, where a reaction is likely. Potential pullback targets are shown at arrow breaks as are a couple of potential additional upside targets. However, as “textbook” looking this 60-minute bullish falling wedge pattern is, complete with the positive divergences, keep in mind that bullish chart patterns tend to fall shy of their measured targets during a bear market. As such, any of these initial targets, including this one, are likely to prove to be the endpoint for this counter-trend rally.
NQ 60m Sept 26th
Likewise, QQQ has rallied into the bottom of the 1st resistance zone on the 60-minute chart, offering an objective short entry for a pullback/fade trade or even an add-on to a longer-term swing short position with any additional push up to the big 286 resistance level also offering objective short entries.
QQQ 60m Sept 26th