Daily chart currently showing that the market is in a very strong downtrend mode, ready to tank if key support levels are breached. The 60-minute chart, although in a very strong downtrend, is showing a potential pullback coming, and it could come Monday morning,
I will be using 2220 as key Line-in-the-Sand for NQ on Monday for determining the bull-bear bias, bullish above, bearish below
- Key resistance is 2235, above it I target a move up to 2250, and expecting it to hold unless Market Internals are extreme bullish.
- Key Support level is 2215, below that level I will be looking for NQ to trend down to 2195 - 2200 area. If the decline is accompanied by extreme bearish Market Internals, I will be looking for NQ to tank down to 2285 area, and if that is breached, will look for capitulation decline down to 2150-2160 area.
- A Flash-Crash will target 2050 -- possible if Yen Carry Trade gets unwind
