A choppy trading session for NQ on Wednesday with a close near the day high, and just above key inflection price level, setting up either another upday on Thursday or a resumption of the downtrend that started on Monday.
Key inflection price level for Wednesday is 3882.
-- Trading above 3882 is bullish, and could trigger more short-covering rally. If so, the next upside target is a break above Monday swing high.
-- Breaking back below 3882 is an indication the downtrend that started on Monday is resuming, next downside target is a break below Tuesday's swing low.
A nice rally in the price of gold on Wednesday, but it is now in overbought territory on the daily chart, so unless some short-covering can commences, profit-taking can cause gold to pullback down.
