NQ rallied in the morning on Wednesday and then consolidated sideways in the afternoon, setting up either another upleg on Thursday or a decline to re-test the recent low, which is Tuesday's swing low.
Key market to watch for on Thursday is the crude oil market. A selloff in the crude oil market on Thursday could set up another selloff in the equity market, and a rally or a consolidation in the crude oil market could set up another rally day for the equity market.
Key price level for NQ on Thursday will be 4145.
-- Bullish bias above 4145, resistances are 4165, then 4200-4220
-- Bearish below 4145, if accompanied by a selloff in the crude oil market, implies another liquidation day.
