As a follow-up to today’s early pre-market post Stock Index Futures Approaching Support, both /ES & /NQ have now hit those support level where a reversal is likely. Should these support levels hold, as I suspect, the initial bounce targets for /NQ are 7282 & then the downtrend line with initial targets of 2800 & then the downtrend line for /ES. Also, note that QQQ & SPY have also hit the 175.66 & 277.53 support levels on the daily charts posted earlier today. Previous & updated 120-minute charts below.

However, should the large-cap indexes move & especially close much below these support levels, that would be quite bearish & have the potential to wipe out the bullish divergences that are still intact on the 60-minute time frames.