Tuesday’s trade did give us a few stronger signals that the NQ is still within the Minor wave 2 countertrend correction. Current analysis suggests that wave A of Minor 2 completed at the 12945 high with wave B of Minor 2 in progress coming into today. That B wave appears to have completed at today’s low with wave C launching higher as expected. I have updated the chart to reflect the move.
For tomorrow, I will continue to look for the NQ and the buyers to build on the rally with a push above today’s high and then yesterday 12810 high and then eventually above last Friday’s Globex high at 12945. Resistance to complete Minor wave 2 starts at 13140. There is a cluster of resistance from 13311, 13380, and then 13437 which could complete the move. An additional small cluster of resistance is above at 13825 to 13865.
Once complete expectations remain for a Minor 3rd wave to take over and drop the market quickly back below 11491 and once underway I’ll update the support levels to watch for.