As expected, following an extreme down-day on Tuesday NQ consolidated sideways all day on Wednesday. Once consolidation has ended, after one or two days of consolidation, the next down-leg should resume, as such, it has to resume on Thursday or Friday. However, failure to do so implies that was just a one massive sell-off day, hence the current uptrend should resume.
Key resistance price level on Thursday will be 5375.
-- A sustained break above 5375 could cause the shorts to cover. If so, the next resistance is at 5400.
-- Failure to break-back above 5375 is going to attract sellers, first support is at 5345. However, if selling gets very intense the next major support is not until 5250, the 50-DMA on the daily chart.
