NQ1! Back test of the Broken Balance

CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
The week has started from a bullish retracement. From a technical perspective we see a back test of the channel mid and eventually a back test of the broken multi-day balance. The sentiment remains bearish. A retest of the previous session high would be a warning sign for the shorts. My expectation is to see a holding pattern ahead of the inflation data. Being in the upside channel is bullish and this is the reason the market is being resilient and does not drop like a rock after breaking the balance.

8/7/2023, pre-market


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