I expect another positive session like yesterday and a test of the low 7.5K today. However, keep in mind that an increasing number of IBs are expecting a rate hike at today's Fed meeting. That is slightly bearish for equities, but it also sets us up for a positive surprise.
I expect the Fed to keep rates unchanged, which could trigger an intraday spike toward the 7530 area. However, these up-and-down spikes remain fadeable until we see a clear change in trend, as the market is currently choppy.
Meanwhile, momentum stocks have been destroyed and are extremely oversold, so that could change any day now. If ES1!7457.75 manages to reclaim the 7530 area, the next major resistance is around 7580–7590. On the downside, the 7410 area is a defined swing support. If it breaks, the 7330-7350 zone will be the next major support.
I expect an immediate bounce in NQ1!27978.5 toward the 28800 area over the next few days, roughly 1,000 points above current levels. ES and NVDA196.9598 have remained resilient over the past few days, while NQ has lagged after breaking below key support, with semis dragging it lower.
KOSPI very likely bottomed on Tuesday. As I said earlier this week, I expect it to bounce later this week.