After making a new higher high on March 01, NQ consolidated for the next nine consecutive days, then finally broke above March 01 high on Wednesday after the FOMC decision was released.
On Thursday we saw a re-test of the breakout price level (5400-5404) retested the level twice and held. Going forward, as long as NQ can remains above 5400-5404 support, the rally should continue.
A break back below 5400 is an indication NQ is going to pullback down to its first support at 20-day moving average on the daily chart. Should that breaks, we are going to see a much larger drop.
