NQ sold off very hard on Monday because Jerome Powell was reappointed as Fed Chairman instead of the super money printer MMT lady Lail Brainard. Powell is considered to be more hawkish than Brainard, thus the sell-off.
The sell-off could be very brief simply because the Fed is still doing massive QE on a monthly basis. The market melt-up should continue into March 2022 before the bear market commences.
On the intraday 5-minute time-frame, key price level to watch for are, 16,600 as key resistance, and 16,300 as key support level, a 300-points trading range
As many traders may be out of the office for the Thanksgiving holidays, we can expect unusual trading pattern where price swings may be exaggerated.
