Both the /ES (S&P 50o) and /NQ (Nasdaq 100) E-mini futures have broken down below their respective 60-minute bearish rising wedge patterns & are currently testing support. A solid break below 7625 on /NQ coupled with a solid break below 2890 on /ES is likely to spark a correction in the US equity markets.

Price targets as well as comparable charts of SPY & QQQ will follow, should the futures go on to make a convincing break below these support levels soon but as of now, I’m looking at relative minor minimum pullback targets of about 1% on /ES & 1.7% on /NQ from current levels & roughly 1.4% on SPY & 2.1% on QQQ from Friday’s closing values, again, assuming that these support levels are taken out with conviction.