NQ was down on Tuesday but still trading above key support at 23,100 intraday and still making higher high in a choppy fashion.
It looks like the uptrend has exhaust all its momentum buyers with most investors who are long the market are just holding on to their position as long as the market stays above support.
Choppy price action should continue as long as NQ remains above support, the 20-day moving average on the daily chart, now at 23,000.
The stock market continued to trade sideways in a very narrow range on Tuesday. The ramp-up action overnight did not hold as the market sold off soon after the open. The market seems to want to go into a pull-back-down move.
Key inflection price level for NQ on Wednesday will be at 23,000, bullish above, bearish below it with the first support at 22,850.
President Trump is now in big trouble, embroiled in the Epstein scandal, which could cause a loss in confidence, negative impact on the financial market.
The stock market looks ready for a larger pullback down move. The trigger could be President Trump Epstein scandal that could easily destabilise the financial market.
For NQ, the key intraday price level is at 22,900, bearish below it with the next support at 22,600, a double-bottom support, if broken, could trigegr a sharp sell-off that can easily tank NQ down to the next lower support at 22,200.
Strong support is not until 21,000.
The stock market continue to melt-up, the speed may be accelerating now that Trump massive spending budget has been passed, as such money printing is also going to accelerate, which is positive for the stock market index.
The USD is going to continue to collapse. We saw what happened to the stock market when currency collapse, as people rush to buy real asset just to protect their wealth.
Intraday support for NQ on Monday is at 22,800, bullish above it, bearish below it,
