/ES (S&P 500 futures) has fallen about 3.5% to the 2460 support/target where the odds for a reaction are elevated, especially if the downtrend line is taken out with conviction although more downside is likely this week with the next sell signal to come on a solid break & 60m close below the 2460 support.
ES 60m April 1st
The 2504 price resistance level comes in just above the downtrend line so while a break below 2460 with more downside today is certainly very much a possibility, so is a break above those intersecting resistance levels & if so, I suspect the maximum bounce target, before a reversal & next leg down in the market, would be the 2550ish resistance level. As that comes around 2% above the 2504 resistance level, less-active/nimble swing traders with swing short positions might opt to just ride out any potential counter-trend bounces today.
NQ 60m April 1st
Likewise, /NQ (Nasdaq 100) has fallen about 3% to the 7540 support/target where the odds for a reaction are elevated, especially if the downtrend line is taken out with conviction although more downside is likely this week with the next sell signal to come on a solid break & 60m close below the 7540 support. Ditto as far as the ‘riding out any relatively minor counter-trend bounces’ thing for those in the QQQ Active Short Swing Trade as well as SSG or other swing short positions (until/unless your preferred price target(s) are hit). As of 8:40 am EST, QQQ is trading at 184.86 in the pre-market session vs. the next price target, T2, at 182.56 while SSG is trading at 14.49 vs. the first price target of 14.74.