On Wednesday, NQ opened with a huge gap-down below 7440 range support triggering breakdown sell programs, tanking NQ down through 7390 key support level, triggering more selling algos which then quickly tanked NQ to much lower level before finding support. NQ then spend most of the day trading sideways consolidating the early morning selloff.
With NQ now clearly below tis 20-moving average on the daily chart, NQ would need to break back above 20-ma to keep selling under control. key 20-ma on the daily chart is at 7390 at the close.
Support on Thursday is 7280 and resistance is at 7390.
-- Below 7390, NQ is still vulnerable to heavy selling. Lower support is 7280
-- Breaking back above 7390 could trigger some short covering. If so the next resistance is 7440
The collapsing Turkish Lira continued to spooked global markets
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