Stock Market Gives Up The Rally

Today's price action looks to close the Day and Week below the key level of 12400 on the Nasdaq NQ1! which is the line in the sand 50% Retracement of the Summer 2022 Rally. The rally topped out mid-August (see post below). Today's intraday price action showed a potential rally to recapture the level only to turn and reverse thus confirming the level as Support Turned Resistance. A retest of the earlier months' lows is now a high probability.