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.
January 25, 2023
Wednesday’s trade was very much in line with yesterday’s analysis, even with the adjustment ...