NQ 15M | Market Maker Sell Model, Internal to External LiquidityMicro E-mini Nasdaq-100 Index Futures (Sep 2026)CME_MINI:MNQU2026propfirmwiseNQ continues to respect a bearish market structure after completing a classic Market Maker Sell Model. The move began with price trading within an internal dealing range, where liquidity was built through consolidation. Price then expanded higher to sweep buy-side liquidity, reaching a premium area and completing the internal objective. Following the liquidity sweep, the market formed a Smart Money Reversal, while an SMT divergence with ES signaled underlying weakness. Shortly after, a bearish CISD confirmed the shift in order flow, marking the beginning of the distribution phase. From that point, price transitioned from seeking internal liquidity to targeting external liquidity, delivering a strong bearish expansion. This reflects the classic ICT concept of Internal Range Liquidity (IRL) leading price toward External Range Liquidity (ERL). What I'm Watching - Bearish market structure remains intact. - Price is reacting from minor intraday support, but has yet to reclaim the bearish order flow. - Any retracement into premium pricing, Fair Value Gaps, or previous distribution areas may provide continuation opportunities. - As long as the recent swing high remains protected, I expect sellers to stay in control. Downside Targets - Internal sell-side liquidity. - Previous session low. - External sell-side liquidity resting below the original consolidation. Summary : This setup follows the Market Maker Sell Model: Internal Liquidity → Buy-Side Liquidity Sweep → Smart Money Reversal → Bearish CISD → Expansion from IRL to ERL. Once the market completed its premium objective by taking buy-side liquidity, order flow shifted bearish. My expectation is for price to continue seeking external liquidity below unless buyers reclaim the recent distribution range.