$NQ #macro #trading setup
Last week we discussed a bullish alternative scenario. So far bulls stopped decline right at the major support, 12,258, the Dec 22 high that turned into support:
NQ declined in a clean a-b-c down structure and bulls believed that it was a corrective wave iv down to be followed by a rally in a wave v up targeting new higher highs.
The first micro resistance is 12,455 (NQ has hit it this morning).
If bulls manage to push NQ over that declining red trend line that would confirn the bullish scenario and the rally will accelerate.
What bears need is to defend this 12,455 resistance, turn NQ down and push it under 12,258 support to confirm that NQ made a lasting top and invalidate that bullish scenario.