The indexes could spark a tradable rally today if both /NQ & /ES can take out the 12560 & 4060 resistance levels on these 10-minute charts while a solid break below the recent lows would likely usher in another wave of selling. Active traders should stay nimble & flexible while trend traders might opt to stick with their trading plan until & unless we get any significant developments on the longer-term charts (60-minute, daily, & weekly).
My minimum upside target on /NQ, should the aforementioned resistance levels get taken out, would be 12710 with a current (subject to revision) max. bounce target of 12542. Should the recent lows get taken out, that would likely open the door to a relatively swift move down to my next target (T3) on the weekly chart of /NQ.
NQ 10m May 11th
ES 10m May 11th