After opening with a gap-up and then trend up in the morning NQ traded sideways for the rest of the day. All the major equity indices are in a parabolic move up.
Investors sentiment is at an all time high, in extreme bullish mode, setting up for a major stock market parabolic top that is often followed by violent reversal simply because everyone is now long the stock market, as such when selling commences there is no one on the opposite side of the trade, i.e. no one to buy.
On the short term 5-minute timeframe, NQ support for Wednesday is 5335.
-- Staying above 5335 on Wednesday implies NQ is still in a fast up-trending mode, next upside target is a new higher high.
-- breaking below 5335 is an i9ndication NQ is going into a pullback mode, the next support level is 5315.
