-- NQ daily trend = down, in minor oversold zone
-- NQ 60-minute trend is down, but in deep oversold
-- NQ 5-minute trend is down, now sitting at key inflection price level, 7550
The stock market sold off hard on Wednesday following a weak ISM manufacturing numbers, indicating an incoming recession, and the beginning of a bear market.
NQ opened below prior day low on the 5-minute chart on Wednesday, and below trend-line support on the daily chart, and below consolidation low 7650 triggering massive algorithm selling.
It was a very intense selling type of day on Wednesday. There is a good chance the market needs to consolidate the selloff day on Thursday.
A continual selling however, will cause another large down day, with target at 200-day moving average, and likely breach the 200-dma on the daily chart
