The NQ daily time frame is in a down trend. The market is making lower lows and lower highs.
The market just hit an up sub Fibonacci extension price 12,999.50. It is expected the market will have a bearish reaction after hitting this Fibonacci extension.
If the market can break and close below the short term uptrend line, it will be a good idea to turn to the one hour time frame to look for selling ideas in the sell zone towards the daily down Fibonacci price point 9,480.75
The Bottom Line
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P.S. While the futures markets may provide some big gains ahead, my colleague and expert trader Ross Givens has been working on a different market…
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