NQ opened inside prior day trading range and stayed inside the range all day on Tuesday. Expect more of the same on Wednesday unless it can breakout of the range and stay out.
Upper Range = 2655, Lower Range = 2625
- Above 2655 could trigger a short-covering rally, targeting a move up to 2670-2680. If the short-covering rally is triggered overnight it could result in a large gap-up open on Wednesday.
- Staying inside the range implies more choppy sideways consolidation.
- Below 2625 implies a fast liquidation drop down to 2600, then 2570 Head and Shoulder downside target.
Head & Shoulder Pattern
