$NQ: Breakdown is Brewing

  • CastAwayTrader
  • January 30, 2026
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$NQ #breakdown

NQ has a short term bearish look. That wave count allows bears to push NQ down to 24,400:

NQ-mini 240 min chart

If we get a quick drop, we would be able to consider it as the second leg down in a corrective (a) down, (b) up, (c) down structure.

Now let’s have a look at a micro chart showing weekly levels of this week:

NQ-mini 15 min chart

Check the sequence:
First, a break below the green weekly support.
Then a bounce into red monthly resistance.
Bulls fail twice and get rejected at red weekly resistance.

This structure suggests a breakdown may be brewing.

A clean break below the green weekly support at 25,658 would likely open the door for a move down toward weekly support S1 at 25,387.

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