NQ Is The Elephant In The Room

NQ-- Technically, the elephant in the room this AM is the NQ Chart, which we see on my attached 4-Hour Chart is up 0.6% so far this AM after successfully retested its 9/27/23 low (14,586) and thereafter, pivoted to the upside to 14,798 so far. Let's keep in mind that ES pressed to a new multi-month corrective low overnight, but NQ did NOT follow suit.

Let's also notice that by holding above 14,586 overnight, NQ also preserved the June-October "Neckline" of the well-defined round top formation shown on my 4-Hour Chart.

In the upcoming hours, I will be watching the form of the rally from this AM's low at 14,589 and whether or not additional strength can chew threw consequential resistance residing from 14,935 to 15,060, which if successful, will inflict damage to the nearest-term down trendline. 

Only a sudden loop down that breaks support from 14,589 to 14,586 will invalidate and wreck the budding positive near-term upside reversal.

The NQ setup is important for a directional upside reversal for individual NDX names that we have been following of late, such as AMD, TSLA, AAPL, CSCO, CVNA, TWLO, RIVN, COIN etc... Last in NQ is 14,781.50...

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