Following the recent bearish rising wedge breakdown (sell signal) & rejection off the 370 resistance level, QQQ still appears likely headed to my next downside target of 351.70ish, despite the minor zigs & zags along the way. As such, typical swing traders might opt to sit tight on any short position for now while lowering stops to protect profits. 60-minute chart below.
QQQ 60m April 5th
For active traders interested in gaming a possible bounce, should these 5-min positive divergences on /NQ play out overnight and/or into tomorrow, the odds for a minor but tradable bounce before the next leg down.
NQ 5m April 5th
The QQQ 5-minute chart showing the comparable divergences & drop to minor support, including a potential bounce target (assuming that comparable level isn’t hit in the futures overnight first, followed by a reversal before the regular or pre-market session tomorrow) is shown below as well.
QQQ 5m April 5th