NQ Daily | Distribution After Q2 HighsE-mini Nasdaq-100 FuturesCME_MINI:NQ1!propfirmwiseNQ continues to respect a bearish higher-timeframe narrative after completing a liquidity sweep into the second quarter highs. The market spent several months expanding higher before engineering a sweep of buy-side liquidity, establishing a new all-time high during Q2. However, the breakout failed to attract sustained buying interest. As price traded into premium, SMT divergence with ES developed, suggesting underlying weakness despite new highs. This was followed by a clear transition into distribution, with sellers taking control of market structure. Since the reversal, every rally has respected bearish PD Arrays, reinforcing the bearish order flow. Rather than impulsively reversing higher, price has continued to deliver lower highs while repricing into discount. The current area of interest is the Daily Bullish Fair Value Gap. This is an important decision point for the market. What I'm Watching - Bearish order flow remains intact. - Price continues respecting bearish PD Arrays. - Daily Bullish FVG is currently acting as support. - Waiting for a decisive daily close to determine the next directional move. Scenarios: Bullish Scenario - The Daily Bullish FVG holds. - Buyers reclaim nearby premium arrays. - A relief rally develops before the higher-timeframe trend is reassessed. Bearish Scenario - A daily close below the Bullish FVG confirms acceptance into discount pricing. - The next Draw on Liquidity becomes the discount Fair Value Gap, with the potential for a deeper correction.