NQ traded sideways most of the day until late afternoon when NQ broke below the 200-ma on the 5-minute chart, and then tanked.
NQ futures continue to tanked over 100 points below the close soon after the globex opened but as I write this blog at around 11.30 pm eastern standard time, NQ futures has manage to regain some of the loses. The reason for the selloff is the China sanction being proposed by the Senate.
We should get one to two more days of selling before a bounce, unless NQ can break-back above its 200-ma on the 5-minute chart, Until then supports are 9040, 8975 and 9860
Key support for NQ on Wednesday is 9040.
-- Trading above 9040 is an indi8cation that selling has temporarily paused, and could cause some rally.
-- Below 9040, liquidation selling should continue, lower supports are 8975 and 9860
