So far, another near-perfect reversal right off my minimum bounce target following the reversal off yesterday’s lows/target on /NQ. However, I’d put fair odds on one more thrust up towards the 15270-12360 area before the next major leg down. Previous & updated 60-minute charts below.
NQ 60m 2 Sept 20th
NQ 60m Sept 21st
So far, we had a perfect kiss & reversal off my preferred bounce target from yesterday’s reversal off the lows/T2 in today’s pre-market session on QQQ. While that could prove to be the end-point for the rally off T2 yesterday, there is still a fair chance of a near-backfill of yesterday’s gap before the next major leg down. Previous & updated 60-minute charts below.
QQQ 60m 2 Sept 20th
QQQ 60m Sept 21st
Basically, active traders that covered shorts & reversed long at those targets yesterday that haven’t already booked the quick 2½% gain on the bounce trade & reversed back to short when those bounce targets were hit earlier today (ideal) should consider a relatively tight trailing stop if shooting for those upper targets to reverse (sell the longs & go back short again).
fyi- I need to run out for an appointment & will be back at my desk around lunch time & will post any significant updates then