NQ Trendline Resistance, Fibonacci Support
One of the outliers from the equity sell-off was the fact that SPX seemed to lead the way lower, with NQ retaining relative strength. As an example, ES tested through the 200dma, NQ did not. If this were the 'big' sell-off, one would think that NQ would lead the way, similar to how the sell-off priced in last year when NQ was down as much as 36.52% from the highs while ES was only down by as much as -26.42%.
At this point NQ retains a falling wedge formation. Resistance tested at the upper trendline this week, and support showed on Friday at the 23.6% Fibonacci retracement. There's some additional support down to around the 38.2% marker of that same move.
At this point NQ retains a falling wedge formation. Resistance tested at the upper trendline this week, and support showed on Friday at the 23.6% Fibonacci retracement. There's some additional support down to around the 38.2% marker of that same move.
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