On the daily chart, NQ is in wave 5 of 5 up as can be seen from April pullback swing low, currently pushing against resistance and in overbought territory. Although momentum is slowing down, NQ is still in a strong up trending mode, see chart below.
%2B%2B03_03_2014%2B-%2B02_09_2014.jpg)
On Tuesday, after opening with a gap-up above Friday's swing high and then re-testing 4075 support, NQ rallied back up to re-test the morning high, a choppy narrow-range up-day on Tuesday.
Ahead of the ECB policy decision on Thursday, widely expected to announce a massive QE, the usual pattern of choppy narrow-range rally days may continue until Thursday, as long as there is NO unexpected major pullback that violates technical support.
Key support for NQ on the 5-minute chart, on Wednesday is 4083.
-- Bullish above 4083 with next upside target above Tuesday swing high..
-- Trading clearly below 3083 implies a larger pullback, with next support down at 4075., then 4060.
