Once again, we have YADH (yet another divergent high) on the 60-minute charts of NQ (Nasdaq 100 E-mini futures) and QQQ (Nasdaq 100 tracking ETF). Chances are this 60-min divergent high will soon be followed by a correction to at least the 7163 level & possibly as low as the 7010 level on NQ with comparable price targets of 173.50 and 169.70 on QQQ.

I’m passing this along as an unofficial trade idea at this time as the negative divergences have yet to be confirmed via a bearish crossover on the MACD & PPO but will say that I believe that the R/R for a short on QQQ or /NQ here for a quick 3%-5% pullback trade seems favorable with the appropriate stops in place above.