For those burning the midnight oil, the /NQ (Nasdaq 100 futures) short-term bounce trade that was entered yesterday just off the lows is now mere basis points (close enough) to the downtrend price target to consider it hit. Closing the long here for the quick (1-day) 2% profit & reversing short for a quick pullback to the 11597 support. Previous/initial (yesterday) & updated 15-minute charts below.
NQ 15m Dec 7th
NQ 15m 3 Dec 8th
/ES (S&P 500 futures) is also just a hair below its comparable 15-minute downtrend line, supporting the case to close/reverse the /NQ long bounce trade or at least raise stops to protect profits if expecting a breakout & rally above the downtrend line.
ES 15m Dec 8th
Should /NQ & /ES happen to punch above the downtrend lines, the next resistance level likely to cap any thrust up would be /NQ 11744.50 & /ES 3990 (also objective levels to close any longs and/or reverse to short for a pullback trade although I favor a tradable pullback off this initial tag of these downtrend lines).