NQ rallied most of the day on Wednesday. And after making a new high above priuor day high NQ quickly tanked due to a disappointing Facebook earning reports.
NQ has now broken below it key 200-sma (7435) on the five minute chart. Unless the Fed buy programs can push NQ back up above 200-sma by the open NQ is set to open with a gap-down.
If so supports are 7390 as key support. If that does not hold then NQ is going down to lower support level, 7317 and 7290
Should it breaks 7290 then it is likely to trigger a cascade of selling as many stop-losses still resides below 7290.
