On Wednesday NQ opened and then quickly dropped down to key support level, the 50-dma on the daily chart. As usual, the PPT bought the 50-dma again, but the rally back up was weak as most traders has already bought the drop down to the 50-dma.
NQ has to break-back above its key resistance at the 20-dma to attract more buyers that can help propel NQ back up to the high again.
Failure to break-back above the 20-dma (7565) is a bearish sign, and makes NQ vulnerable to potential heavy selling, and if the 50-dma gets broken, could cause a cascade of selling.
For Thursday NQ support is 7470, resistance is 7565
