Since breaking above 18,000 on February 22nd, 2024, NQ has been trading sideways above 18,000, now acting as support and 18,600, now as resistance.
NQ has not been able to trend up since February, instead it has been trading sideways, a topping process.
The declining liquidity in the next one to two month is going to cause a pullback decline. With most traders and investors mostly long the market, we could see large and sudden drop with no buyers, as stop-loss gets hit.
Key support is now 18,000.
On the intraday basis, key price level to watch for on the NQ is at 18,400, bullish above, first resistance is atat 18,600, and bearish below it, with first support at 18,200.
