Pump and dump action continued on Wednesday. After opening with a huge gap-up to a new high for NQ on Wednesday sellers dumped huge amount stocks, tanking the market quickly down, then reversed back up, targeting another higher high before dumping another huge amounts of stocks.
The pump and dump activities is a typical topping price actions where insiders unload their positions when everyone else is still bullish and buying. The frequency of this type of price actions is going to intensify, and for a while longer, where each higher high is followed by a big stock dump.
With NQ back above its 200-MA on the 5-minute chart at the end of the day Wednesday, NQ should now make another higher high as long as it stays above it on Thursday.
Its 200-MA now sitting at 5692 is key support for NQ on Thursday
Long-term Chart of the S&P 500
