NQ1!, Retest of the Bottom. Pressure on Bull

Today, the sellers managed to broke the trend line (shown on the chart) and accelerated a move to the bottom of the accumulation area bottom (upper box). Whether we see a distribution or continued accumulation remains to be see. At this point I anticipate a bounce since the price stopped at the strong support. If the sellers try to push lower through that support there is a good change of a false breakdown. We should see a bounce and consolidation first then a potential move lower for a distribution scenario.

Tomorrow is options expiration and NFP report, March contract rollover. That could lead to a choppy session and potentially inside day.

03/07/2019