The Nasdaq 100 futures (/NQ) is approaching a downward trendline. Given recent lower highs, and the bearish environment today, there is a decent probability that this could reverse to send the Nasdaq down.
On this hourly chart, the beginning of the blue trendline begins 12/7. In its middle is the peak on 12/17, where it quickly tumbled down.
Note that the yellow line it approached on 12/17 was its July high, a price line it seemed to ignore in November and the beginning of December, but has recently appeared to matter. I have treated the points when it went above this line as “look-and-fail” rather than an outright breaking of it, which looks especially true when you consider its repeatedly large drop afterwards.
The bottom line is that today looks like a potential short market entry point. I personally plan to accomplish this by going long volatility via UVXY options.
To provide some perspective, here is the 1 year chart of the /NQ. You can see the same blue trend-line, and the yellow price line.