On Wednesday NQ opened above prior day high, and above numerous supports, triggered algos buying and short-covering, rocketing NQ up to upper trend line resistance, with a small overshooting to the upside before tanking back down to support, setting up a bounce back up or a continuation back down to lower support.
Key line in the sand on Thursday will be 7570, the 20-dma on the daily chart, acting as support as of Wednesday's closing price.
-- Bullish bias above 7570 with trend-line resistance at 7670
-- A break below 7570 is bearish, likely to trigger algo sell programs. If so, lower support is at 7500. Should selling get out of control and NQ breaks below 7500, it could cause a massive liquidation decline.
