/NQ (Nasdaq 100 futures) and QQQ (Nasdaq 100 ETF) have hit their first price targets with more downside likely this week, minor reactions aside. Updated 60-minute charts below.
NQ 60m Dec 4th
QQQ 60m Dec 4th
Keep in mind that with my “marginal new high on QQQ scenario” now in play, the odds are decent that the US stock market may have already just started (or will soon, on another marginal new high from here) the next leg down in what will prove to be one of the longest & largest bear markets in history, meaning this swing trade based off the intraday (60-minute) charts could morph into a multi-month swing or longer-term trend trade measuring well into the double digits (profit potential).
As such, active traders might opt to game counter-trend rallies & bounces off support while longer-term traders might opt to sit tight on existing index shorts and/or wait for objective levels to add to short positions (such as bounces back into resistance and/or breaks of the next support levels below). Still some work to be done to firm up the longer-term bearish case & rule out another thrust up above the recent highs so keep an eye on the BIG 3 (Treasuries, EUR/USD, & the stock market, particularly the Magnificent 7).