The upper (max.) bounce target from yesterday’s long-side bounce trade on /NQ (or QQQ) was just hit in the pre-market session. This provides an objective level to close any remaining longs from the bounce trade and/or re-enter or add to swing short positions with the next sell signal/objective add-on to come on a break below this minor uptrend line. Previous (yesterday) & updated 5-minute charts below.
NQ 5m May 2nd
NQ 5m May 3rd
Of course, we still have the market-moving FOMC rate decision due out at 2 pm today followed by Chairman Powell’s press conference at 2:30 & then AAPL (Apple) earnings tomorrow after the market close so best to wait until those are out of the way before going too heavy either way (short or long).