#202609 - priceactiontds - weekly update - nasdaq e-miniMicro E-mini Nasdaq-100 Index FuturesCME_MINI:MNQ1!priceactiontdsGood Evening and I hope you are well. comment: Neutral. Big contracting triangle on the daily chart since November and and ascending triangle on the daily chart the past 3 weeks with higher lows but mostly big resistance around 25400. Bulls can only get confident with a big green close above 255000 and bears only with strong selling below 24000. current market cycle: trading range since November key levels for next week: 24000 - 25500 (above 25500 opens up to 26300 again) bull case: Bulls still printing higher lows but failed to stay above the daily 20ema. They continue to make money buying below 25000. Those facts did not change past week. The news can and I won’t pretend I know how this will play out. If bulls somehow manage to print another higher high above 25450, I think they are favored for 25800+ again. Invalidation is below 24660 bear case: If bears want this correction now and we print below 24660, I do think they are heavily favored. The big support is 24150-24250. If this breaks, I highly doubt there will be much more support before 23000-23500. On the weekly chart bulls now failed 3 times to get above the weekly 20ema. That is very good for the bears and the setup for a break down is there. Best case scenario would be a gap down below 24800 and only sideways movement. The more points we can leave between the gap down and 25000 the better. I would expect the big support to be around 24300. For a huge move down I think we should not even touch the 1h 20ema on Monday. Any print above 25100 invalidates my bearish thesis. A measured move from the 2026-02 high to low would bring us down to 22400, which is pretty much my open bull gap to the tick. Invalidation is above 25100 short term: Neutral. Big gap down and going below 24700 would make me turn somewhat bearish in hopes of a breakdown but anything above 25100 is very bullish. medium-long term - Update from 2026-02-08: Neutral for the next months until we print meaningful lower lows or reach 27000.