Thursday’s trade didn’t produce any changes to current analysis. The NQ did manage to sneak in a quick rally within the first half hour of trade reaching today’s high at 16567 before falling back. The Elliott count remains the same in that a minute 4th wave correction is still in progress. The internal count suggests the pattern is best viewed as a double A-B-C with today’s decline being all or part of the second wave “C”. Support remains just below at 16387, 16327, 16304 to 16254. Expectations remain for the NQ to pick up the advance as the larger Minor 5th wave continues. Resistance remains at 16490, 16567, 16586 to 16659, 16768, 16845 and then 17035 to 17214. Tomorrow is the last expiration for 2021 as well as the last trading day of 2021. Volumes will likely be on the thin side which could produce some stronger periods of volatility.
December 30, 2021