On Friday NQ continued its decline from Thursday afternoon high, and made a lower low below Thursday swing low, confirming that the downtrend is still in tact.
With trailing stop-loss now somewhere above 13,160, it would need a sustained beak above 13,160 before algos shorts would start to cover and buy, thus reverses the daily trend from down to up.
Below 13,160, the downtrend that started from January 26 high should continue lower, with strong support zone between 12,200 - 12,400. However, the decline targets are between 11,600 - 11,800
A break-back above 13,200 will invalidate the lower targets.
