Both NQ and ES opened with a large gap-up, but were unable to break through resistance, NQ then driopped down to support, Pivot, 50-MA and gap-close. ES eventually broke below Pivot support in the afternoon, and after a brief pullback, resumed the decline down to Monday's swing low.
After a small bounce, resumed the decline breaking below support, after re-testing broken support from below resume the declien in the afternoo broken below Monday swing low at the close, setting up for a potential liquidation day on Thursday.
Both the ES and NQ is setup for another liquidation drop on Thursday with or without a pullback. Next downside support for NQ is 3530, for ES the next support is 1825.
NQ has to clearly break above 3595 resistance to negate the above analysis and trigger another sideways ABC consolidation. Next upside resistance is 3620
For ES it needs to clearly break-back above 1580 to trigger another sideways consolidation day. Next upside resistance is 1856
As the US escalates the conflict with Russia in Ukraine, it is forcing Russia and many other countries to abandon the US dollar.
