Tuesday’s trade was in line and out of line with expectations for today. Both the ES and the NQ sit currently at the “crossroads” of making a directional decision. We just need the catalyst(s) to provide the trigger for either the long or short. There isn’t much to add other than again, the make or break point seems to be reached. Both the ES and the NQ could flip around and run back to minute wave 2 highs at 4019 in the ES and 12461 in the NQ before turning and again dropping to new lows under 11930 in the NQ and 3887 in the ES. The overall patterns continue to suggest additional downside with substantial new lows and I review the Fibonacci levels, (extensions) on both the NQ and ES.
Without the benefit of any economic data the market seems to be on hold until Powell speaks on Thursday after the release of the Jobless Claims data.