The bear flag continuation patterns highlighted in this video earlier today continue to play out so far with /NQ precariously trading below the 8890 target/support with the next downside target of 8700 a very real possibility.
NQ 60m 3 Jan 25th
Bear flag scenarios are also playing out with /ES which is currently trading in no man’s land, smack between the 3160 & 3780 targets/support-resistance levels.
ES 60m 3 Feb 25th
As we head into the final 10-minutes of trading, this is where those trade individual stocks & ETFs need to make a decision on whether or not to go home long or short & if so, what position size, as the market is likely either gap up or down, potentially by a large amount, at the open tomorrow. Those short the index futures might consider continuing to trail down stops to reduce any potential give-back in profits while allowing for more downside to those potential bear flag targets below (and possibly beyond). I’ll follow up with key levels & targets on SPY & QQQ in the closing market wrap soon but just wanted to get this out before the close today.