Tensions remain high as the U.S. and Western Europe expect a Russian invasion of the Ukraine. The military build has continued although there remains hope for a diplomatic resolution to be had. As far as the NQ goes, the markets did open lower as Globex started on Sunday. The NQ reached a low at 13809 and that level looks to have complete wave subminute wave 3 of minute wave 3, with a subminute wave 4 bounce now underway. Resistance for the move comes in at 14132 but expectations would be for the high of wave 4 to come in below 14075. Expectations remain for the NQ to again drop lower to complete the minute wave 3 before again putting in a minute 4th bounce and a 5th wave decline to complete the Minor wave 3. Support remains at 13721, 13360, 13092, and then 12844. Ultimately the NQ continues to have potential for a stronger drop to complete the Minor 3rd wave with support at 12188 then coming into play.
May 16, 2022
Monday’s trade was a day of “wallowing” – the ES put in session highs ...