Tuesday night buy programs designed to cause a huge gap-up open on Wednesday in the hope of triggering short-covering rally failed on Wednesday as the opening gap-up was sold, pushing NQ back down to key support 4400 price level.
Another round of buy programs in the afternoon failed to gain much momentum as NQ close just in the middle of the day range. The daily chart remains in downtrend sell mode below 4470.
Key price level for NQ on Thursday remains at 4400.
--- Trading above 4400 is an indication NQ may continue to be in a choppy mode, with resistance at 4420, 4440 and 4460.
--- Below 4400 is bearish and could trigger another round of liquidation sell-off.
