QQQ has just hit the second long-term swing/trend target of 299-300 (LOD so far 299.58) for a gain of approximately 25% from the multiple short entries posted around the all-time highs back in Nov-Dec 2021. Consider booking partial or full profits and/or lowering stops if holding out for any of the additional targets.
QQQ weekly May 9th
While I still think QQQ will go on to hit the next target(s), the odds for a reaction are always elevated upon the initial tag of each price target. As such, active traders could opt to game a tradable bounce while longer-term swing & trend traders might opt to just lower stops to protect profits & sit tight for now.
I’m a bit torn between whether or not we get a tradable bounce today or not as the positive divergences are still intact from the 5-minute charts out to the daily charts but it will be quite bearish if those divergences are taken out. As such, active/flexible traders should remain nimble & adjust positioning accordingly. The 5-minute charts of /NQ & /ES below show some downtrend lines/falling wedges that could spark a near-term rally if taken out.
NQ 5m May 9th
ES 5m May 9th
Also, keep in mind that the markets are at that potential breaking point where we may very well get a waterfall or crash-type selloff. Again, stick to your trading plan but make sure to adjust/adapt if & when the charts indicate.