Monday’s trade was range bound and on the slow side. The NQ initially declined on the opening reaching 16302 before turning higher and remaining in a 80 point range for the balance of the session. Current analysis as presented on yesterday’s update remains valid moving forward. I am continuing to leave open the potential for the NQ to again pick up the rally and move above the current high at 16448 and on up towards next resistance at 16475 to 16500 and then 16565. The pattern off of Friday’s 16448 high could be can viewed as the beginning stages of the expected Intermediate “C” wave down. If this is the case the NQ would likely begin to slide lower as prices break below the 50 MA, which sits at 16302 and then support at 16253, 16223, and then 16200. It may take another day or two for the markets to determine direction.
November 8, 2021