On Tuesday NQ opened at its key 50-day moving average on the daily chart, triggering massive algorithm buying programs, pushing NQ back up above its 20-day moving average resistance and then close above it.
With such as big rally day on Tuesday NQ may have to consolidate the rally on Wednesday. If so supports are at 7480, then if it needs a deeper pullback down move, the next lower support is at 7450
Key inflection price level for NQ on Wednesday will be 7505.
-- Opening or trading above 7505 implies continual rally with strong resistance at 50-period moving average on the 60-minute chart.
-- Trading below 7505 is an indication NQ is still in consolidation pullback mode following a large up day on Tuesday
After a 5-wave decline, we would be looking for a-b-c rally (60-minute chart)
