At the Jackson hole conference which started on Friday last week, Jerome Powell confirmed that the Fed is going to continue their hawkish policy despite weakening economu, spooked the market. NQ sold off hard on Friday.
The sell-off should continue on this coming week. Monday could be a consolidation day, but if selling pressure gets too intense, selling should continue on Monday
The next major support for NQ is 12,200, prior swing high from June and July. The 12,200 level may cause a bounce. However, if selling gets too intense, we could also see NQ crashing below that support zone without pausing.
Should 12,200 gets broken we could see massive margin sellingthat could tank NQ down to below the June low.
