/NQ is currently fighting to hold the aforementioned 7600ish support with the divergences still intact for now although some major damage being inflicted on the daily charts so far in the first 40-minutes of trading so pretty much ‘Make it or break it time’ for the market. This is also roughly the measured target for last night’s bearish pennant patterns so a logical place for the buyers to step in for at least an intraday rally & possibly a stick save, depending on where the market closes today.
Likewise, /ES is close to the measured target of the bearish pennant continuation pattern which comes in right around the 2893 support with the RSI 9 divergence still intact for now so basically, do or die time for the market.
I’m monitoring the charts very closely today to determine if & when to add the recently posted SOXS (3x bearish/short semiconductor ETF) and QQQ (Nasdaq 100 ETF) as Active Trade Ideas but for now, both remain trade setups pending an entry. The price targets and other details for those trade ideas can be viewed by clicking on those links above. I suspect today’s breakdown will stick with both QQQ & SOXS becoming official trades soon but if a stick save is coming today, this is most likely where it will begin although as of now, today’s breakdowns sure look like the real thing.