QQQ (Nasdaq 100 tracking ETF) is currently backtesting the trendline from below while working off the near-term oversold conditions. An impulsive reversal here would could be the catalyst for a thrust down to the 177.80ish* level (T2, *incorrectly listed as 117.80 in the callout text on the chart below). 120-minute chart below:
Likewise, /ES (S&P 500 E-mini futures) is currently testing the 2894 former support, now resistance level where a reversal is also likely. 60-minute chart:
Any significant advance in the major indices much beyond these levels would certainly make obscure the near-term technical picture & decrease the odds of any of the additional downside targets in QQQ being hit soon but as of now, it appears that today is just a counter-trend rally in a downtrend off the August 29th (SPY) and 30th (QQQ) highs with more downside to come. If so, this will likely be the most objective shorting entry or opportunity to book profits on index longs over the next several weeks & possibly months.