After a brief false break below Wednesday swing low NQ quickly rallied up, a sideways consolidation pattern, an up day.
Because Friday tends to be a choppy sideways consolidation type of day, depending on where NQ trades on Friday in relation to its key inflection price level, which is 5645, it either consolidates sideways below 5645 or consolidates sideways above 5645.
-- Failure to break back above 5645 implies a sideways consolidation between 5575 - 5645.
-- Breaking back above 5645 is likely to trigger short-covering, with resistance at 5670-5690, and NQ consolidating between 5645 - 5690
NQ needs a clear and sustained break below Thursday swing low to trigger another round of selling. If that happens, the next strong support level is 5450-5500.
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