With NQ opening inside prior day range, as expected, it traded sideways inside a narrow trading range, hence a consolidation day. Wednesday's range was so small that we could see a trending breakout move out of the range 2700 - 2715 on Thursday.
-- A breakout above 2715 implies a trending move up, first target is a break above Tuesday's swing high. A sustained break above Tuesday swing high should trigger a short-covering, upside target is 2750 area, A falsebreak can lead to a fast reversal..
-- A break below 2700 should take price down to supports 2680, 2655.
.Spain and Italy's credit rating cut by DBRS as debt crisis intensifies.
