Both /ES (S&P 500) and /NQ (Nasdaq 100) are at the max. bounce targets posted earlier today following the breakouts of the small bullish falling wedge patterns. Those targets were T1 at 2978 on /ES  & and T2 at 7844 on /NQ. Previous & updated 60-minute charts below. click first chart to expand, then click on right to advance to the next expanded chart.

The move following today’s earlier breakout above those falling wedges has also hit the approximate measured target for /NQ (i.e.- the distance widest part of the wedge added to the point where prices broke out above the pattern). As such, I believe this is an objective level to either book profits on any longs taken at the breakout and/or reverse to a short position for either a day trade fade into the close and/or a swing short position targeting at least the 7725.50ish level.

I’m only passing these along as unofficial trade ideas as the speaking events scheduled for Fed Chairman Jerome Powell both tomorrow & Thursday have the potential to spike volatility in the markets & override the near-term technicals. For ETF traders, the 60-minute charts of QQQ & SPY above provide some potential near-term swing targets (yellow lines) as well.