Downtrend that started on Tuesday continued into Wednesday. If the downtrend is to continue down on Thursday, it should stay below key resistance level at 2950 area.
A clear break above 2950 implies the 5-minute downtrend that started from Tuesday high has ended and that NQ is going into a consolidation or short-covering rally mode.
Below 2950 implies the downtrend is still in progress, next target down is 2900 then 2880