Both /ES (S&P 500) and /NQ (Nasdaq 100) E-mini futures have now rallied up to the recently highlighted downtrend lines off their highs. As such, both /ES & /NQ offer objective short entries here at downtrend line resistance and/or on a break below the minor (yellow) uptrend lines with a stop slightly above. 60-minute charts below may not appear on the subscriber email notifications as they are in a gallery format but may be viewed on the site.

I’m only passing these along as unofficial trade ideas as I suspect the market will continue to grind around this week at least until Friday as we have slew potentially market-moving earnings reports of several top-weighted index components reporting after the market close (AMC) on Thursday in addition to a heavy economic calendar that includes Durable Goods & Jobless Claims on Thursday before the market opens (BMO) followed by GDP on Friday BMO.

Targets for any index shorts taken here or following the break of those minor uptrend lines would depend on one’s time frame & outlook for the market. One could look to just play a quick fade or pullback off these downtrend lines for a day trade, using a relatively tight stop, or look to position for a potential swing trade while allowing for a wider stop.