On Wednesday NQ rally stalled below previous pullback low before selling off very hard. It is an indication of a powerful downtrend in progress.
The selloff from resulted from the unwinding of the Yen Carry Trade stalled at the key 200-day moving average on the daily chart,and Wednesday was the second day of the bounce.
The 200-dma at 18,000 will be key support for NQ going forward. A break could cascade more selling. If NQ can stay above 18,000, we could see either a sideways action or a rally with resistance at 18,700-18,900
Japanese Yen Carry Trade and Iran-Israeli war still poses major risk to the financial market
