On Thursday, the day after a large up-trending day on Wednesday, NQ opened inside prior day range, then dropped below 7180 key support level, confirming that NQ is going into a sideways consolidation mode.
Consolidations is a set up for the next rally leg, and currently the next rally leg should be up. As such, we should expect NQ to rally towards the next resistance, 7350, on Friday. Failure to do so is going to attract selling next week.
Key price level for NQ on Friday will be 7180.
-- Trading above 7180 is going to attract buying and short-covering. If so, buying may be able to overwhelm selling.
-- Failure to break and stay above 7180 is an indication NQ is going to continue to consolidate or decline further, the next support is 7100.
