Nasdaq 100 futures broke down below the uptrend line in the overnight session with the S&P 500 futures breaking & also still trading below their comparable 60-min uptrend line. The market will need to rally after the open today to regain these TL’s plus minor resistance just overhead or will likely continue down to the support levels shown below.
NQ 60-min April 20th
My preferred scenario remains the bearish scenario (red arrows) although should the market happen to regain these trendlines in the regular trading session today, that would be bullish as these breakdowns would have been bear traps (false sell signals), likely bringing my bullish scenario covered in yesterday’s video into play (green arrows).