Topping price actions continued on Wednesday as smart money insiders continued to download their long positions into the hands of dumb unsuspecting and ultra bullish public investors ahead of the beginning of a bear market.
Most of the selling was in high-flying and extremely bubbled Nasdaq stocks. Whether or not we have a follow-through selling on Thursday is hard to say as insiders always coming in to buy to push the market higher before dumping their stock again, a typical of a topping distribution price action.
Key support for NQ on Thursday will be Wednesday swing low of 6284
-- As long as NQ remains above 6284, selling should remains under control until it rally back up to 6380-6390 resistance zone.
-- Trading back below Wednesday low could ignite another round of selling, next support is about 6200, a trendline support on the daily chart.
Bitcoin continued to rally, hitting over $11,000 before pulling back on profit-taking actions.
