$NQ #NQ-mini
The micro count of the rally argues NQ might have topped:
16,600 remains the key support now.
You can conciser the FOMC rally as an overshot of the price channel. To confirm completion of the rally bears need to break under the lower trendline. Today this support got tested.
No wonder they could not break it from the first attemp.
But this weak bullish bounce off that line is a good sign for bears.
On a micro level bears sit on an attractive short setup off the complete Head and Shoulders pattern:
Break under the Thursday low 16,628 (the “neckline”) would trigger decline down to 16,400.