/NQ (Nasdaq 100 Sept futures) hit my 7775 target from last week (first chart below) followed by the expected bounce off that level (2nd chart below) with the next expected inflection point around the 7858-7883 resistance zone.

Click first chart to expand, then click on right of each expanded chart to advance to the next full-size image

/ES (S&P 500 Sept futures contract) appears to be bear flagging on this 60-min chart & is likely to reverse off the 2998-3006 resistance zone and/or a backtest of the wedge just above. Bottom line is that it appears that the bulk of the bounce off those support levels/targets last night has run its course with minimal upside before the next leg down.

However, keep in mind that the stock market tends to go into a holding pattern in the days leading up to a widely anticipated FOMC rate decision, such as the one scheduled for 2 pm EST this Wednesday. As such, the market will likely remain more conducive to active/day trading than swing trading for at least the first half of this week.