Nasdaq Is Approaching a Key Decision Point
Lower highs have dominated since June, and $E-mini Nasdaq 100 - main 2609(NQmain)$ is now pressing against the 20WMA. The bigger move may be close.
A clean break below the 20WMA would put the 40WMA zone next in focus — roughly 9% lower from current levels. Losing 29,027 would add another major bearish signal.
Meanwhile, the bearish diagonal on $Invesco QQQ(QQQ)$ remains intact. Today’s indecisive action was rejected at that trendline, keeping the downside structure alive.
🎯 Key levels
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729 → potential short setup if reclaimed/filled first
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712 → downside gap target
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701 → next gap target
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29,027 → critical $NQ_F support
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20WMA → 40WMA → major downside path
With Fed rate-hike odds sitting around 86%, there’s little room for complacency. 🔥
The setup is getting compressed: break the 20WMA and downside momentum could accelerate; reclaim 729 first, and the short setup becomes interesting.
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