NQ traded in tandem with the crude oil market on Wednesday, sold-off hard in the morning and then traded sideways in the afternoon. The correlation between the crude oil market and the stock market should continue.
Key inflection price level for NQ on Thursday will be 4630.
-- If NQ can stay above 4630, short-covering rally could push price back up to the next resistance level 4670 provided the crude oil market is not in a sell-off mode.
-- Trading below 4630 is bearish, however, it would need to break below 4600 to trigger another rounds of selling, with the next potential support at 4550.
