The stock market is now at the verge of breaking down and tank hard.
NQ is just sitting above its 20-day moving average, and the S&P 500 is just sitting above its 50-day moving average, and the Dow has broken below its 50-day moving average.
If the S&P 500 can break below its 50-dma and if NQ breaks below its 20-dma, we could see a sharp and large sustained decline, a mini crash.
However, if both the NQ and S&P 500 can remain above their respective key support, we could eventually see a sharp short-covering rally.
On the short-term intraday time frame, key support for NQ on Wednesday will again be at 15,400, bullish above with resistances at 15,440 then 15,520-15,560 as key resistance zone, and bearish below it, with potential mini crash.
