**NQ Notes from Recent High Frame Price Action 5/21-5/22**E-mini Nasdaq-100 Futures (Jun 2026)CME_MINI:NQM2026EthicalxTrader**NQ Notes from Recent High Frame Price Action 5/21-5/22** * NQ spent most of today consolidating after the strong recovery move from the recent lows near **28,585 – 28,781**. * The current structure is beginning to resemble an inverse head and shoulders formation on the 4H timeframe: * Left shoulder formed near **28,928** * Head formed near **28,585** * Right shoulder currently developing around **28,928 – 29,000** * Buyers continue defending the higher lows structure very well despite multiple intraday pullbacks. * Price is now attempting to reclaim: * **29,447** * Then eventually: * **29,565** * The broader higher timeframe trend still remains bullish overall while price continues holding inside the larger rising channel structure. Overall structure currently resembles bullish consolidation with a potential inverse head and shoulders continuation setup forming. **Levels I’ve been tracking** * **30,200**: Larger measured move target * **29,782**: Key breakout/high zone * **29,687.75**: Major higher timeframe resistance * **29,565.50**: Major resistance * **29,447.25**: Near-term breakout trigger * **29,424**: First support * **29,241.75**: Key pivot support * **29,148**: Important support * **28,928**: Major support * **28,859.25**: Breakdown trigger * **28,781.50**: Critical support * **28,585**: Major higher timeframe support * **28,469**: Larger downside support **Volume and behavior notes** * Volume continues cooling during consolidation, which is fairly normal after the aggressive expansion move earlier this month. * The market still appears rotational rather than outright bearish. * The inverse H&S structure becomes much more valid if bulls can firmly reclaim: * **29,447** * Then eventually: * **29,565** * The broader rising trend channel remains intact for now, continuing to support the bullish higher timeframe thesis. * Current price action continues resembling: * Consolidation beneath resistance * Compression after expansion * Stabilization above key support shelves * Buyers continue defending the higher low structure aggressively despite repeated pullback attempts. * Holding above **28,928 → 28,781** keeps the broader bullish continuation structure intact. * A confirmed reclaim through **29,447 → 29,565** likely opens continuation toward: * **29,687** * **29,782** * Potentially **30,200** if momentum expands further **Overall read from my notes** NQ continues consolidating constructively while maintaining its broader bullish structure. The market is now attempting to build a potential inverse head and shoulders continuation structure after defending the key: * **28,585 – 28,781** support region extremely well. As long as: * **28,928** and especially * **28,781** continue holding, the higher timeframe trend still favors eventual continuation higher. The key for bulls now is reclaiming: * **29,447** then: * **29,565** which could open the door for another major expansion move toward: * **29,782** and eventually: * **30,200**