The /NQ (Nasdaq 100 futures or QQQ, ETF) short-term/active-trader short trade entered on Friday has hit the 5th & final target where the odds for a reaction are elevated before the next leg down. Active traders might consider booking full profits here and/or reversing to long with a stop somewhat below if attempting to game a tradable bounce off this level (potential price target is the intersecting downtrend line & 18730ish price/former T3 resistance). 5-minute chart below.
NQ 5m May 30th
With last Thursday’s bearish engulfing candlesticks on SPY & QQQ still intact plus the confirming selling since, typical swing & trend traders that shorted last week might opt to lower stops to protect profits and/or wait for the next objective short entry/add-on, such as a bounce back to resistance or a solid break below today’s lows (T5 support on the 5-minute chart plus additional support on the 15-60-minute time frames).