The bond market selloff in anticipation of Fed much faster Fed tightening forced by the high inflation number, triggered a cascade of equity selling which hit the growth stocks in Nasdaq very hard, which fell over 600 points from its day high on Friday.
With NQ breaking below its key support 14,500, NQ would have to trade back decisively above 14,500 to regain its bullish mode.
If the Fed is not able to push the market up overnight on Sunday night, we could see another large liquidatin selloff on Monday with the next key support at 113,700-13,800 zone..
If or some reason NQ would violate that support zone the next strong support is not until 12,200-12,300 zone.
The Fed would have an unscheduled emergency meeting o Monday. What they would announce at the conclusion of their meeting would determine whether the market would continue to crash or rally back up
NQ intraday line-in-the-sand on Monday will be at 14,325, bullish above it with uits first resistance at 14,400-14,500,and bearish below it with the next support at 13,700-13,800
