NQ Looking For Support Near $18,875 (.382 Fib Level)

Pay attention. The US markets are attempting to form support near the 0.382 price level on the NQ chart.

I believe it is highly likely the US markets may attempt a rally phase after this pullback. I think the Fed may surprise everyone with a 0.25% rate increase with the global markets, sanctions, China's shutdown, the Ukraine war, and other issues trampling inflation trends.

Powell may listen to other Fed advisors, but ultimately he has to make the decision related to rates. Q1's negative GDP could have shocked the Fed into reconsidering big rate increases.

While the foreign markets continue to contract, the US stock market is attracting a lot of capital (even in the face of this recent downturn).

Yes, there are risks to the downside. But I see the US markets attempting to form support and attempting to possibly move higher from these lows.