After just one pullback-up day, major indices, the Dow, S&P and Nasdaq futures opened with a large gap-down on Wednesday and then traded sideways, a very bearish sign.
The day low were at supports, but given the strong momentum of the current decline, support will be vulnerable unless they can rally above their respective key resistance level and then trigger short-covering and profit-taking ahead of the weekend.
With several central banks raising their interest rates in order to defend their collapsing currencies, contracting global liquidity, breaking below support is an indication that the markets are in crash mode, and has the potential to turn into a large decline.
Key support levels area 3450 for NQ, 1765 for ES and 15650 for YM
Key resistance levels are 3495 for NQ, 1782 for ES and 15,800 for YM
