$NDX Could Be Next If $NQ Loses Its Relative Strength
$NASDAQ 100(NDX)$ is setting up for another potentially large leg lower.
The bearish SMT from the June highs is still intact, a divergence that often shows up around major tops. Meanwhile, $SPX and $DJI are already starting to weaken.
Now the question is whether Nasdaq becomes the next domino.
📉 My ABC model maps the larger downside path toward 26,800–26,600, where A = C.
But first, price needs to lose the recent lows.
That’s the trigger I’m watching.
If those lows break, downside momentum could expand quickly.
There’s another important piece here 👇
$E-mini Nasdaq 100 - main 2612(NQmain)$ is still showing short-term relative strength, but $E-mini S&P 500 - main 2612(ESmain)$ and $E-mini Dow Jones - main 2612(YMmain)$ are already beginning to roll over.
And $YM is leading the weakness.
That matters because $NQ has been the relative laggard for months. If Nasdaq finally loses that short-term strength and starts rolling over with the rest of the market, the setup changes fast.
🔥 $Dow Jones(.DJI)$ and $iShares Russell 2000 ETF(IWM)$ also played out nicely last week, with both setups rolling over into their projected targets.
Now I’m watching for the same confirmation from Nasdaq.
Recent lows = trigger.
26,800–26,600 = larger downside target zone.
Until $NQ loses relative strength, the move may stay contained.
Once it joins $ES and $YM, the selloff could accelerate. 📉
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