On Wednesday with the crude oil price continuing its selloff, the market was bearish and primed for major decline, which it did in the afternoon, after a choppy sideways consolidation pattern in the morning and into lunch. NQ has re-tested the Monday's low, and unless it can substantially rally on Thursday, NQ selloff may even accelerate.
Key price level for NQ on Thursday will be 4245.
-- Above 4245 selling in NQ may at least be temporarily put on hold, next resistance is at 4260, then 4280 and of course 4300.
-- Bearish below 4245, but unless it can break below 4220 look for sideways action on Thursday. Breaking below 4220 could trigger another round of algo sell programs, supports are at 4175 and then 4100.
