NQ1!, Failed Breakout Pattern Maybe Unfolding

The Globex buyers pushed the price above Friday's high creating an island structure. An island structure is bearish by nature when it comes at the end of the exhausted bull run. The RTH buyers tried to advance based on the Globex structure but only managed to make a marginal high. I was looking for a failure of the buyers. I was watching 5 min chart to see a rejection. 7210 retest offered a short setup targeting the Globex low initially and then the gap. Failure to attract buyers at those 2 levels led to a forced liquidation. Whoever bought in Globex and the RTH opening became trapped buyers. A false breakout pattern started to unfold and the price moved to February point of control. It was a good support plus the daily range was used. The responsive buyers took advantage of the exhausted move and managed to push the price back into Friday's range defending the March low. If the pattern is in play we may see lower prices - a potential retest of today's low and perhaps 7000-ish area. From the market structure perspective the main multi day balance remains intact (the last box on the chart). A more serious impact will be if the sellers break it. Whether we see the beginning of much expected correction remains to be seen.

Note: the buyers managed to park the price above the trend line. We need to see whether it was just an overshoot or they are willing to retest the higher prices.
03/04/2019