On Wednesday NQ opened with a large gap-up inside prior day range, indicating that the opening gap is very likely to get closed.
NQ gap-up into resistance failed to clearly break above resistance as selling algos triggered at key intraday resistance overwhelmed buying quickly tanking the market down to close the gap.
Gap-closed bounce failed to rally the market back up as continued selling overwhelmed the buyers, tanking NQ down to below prior day low where selling continued until the afternoon.Q
A quick afternoon rally failed again at key intraday resistance, NQ then tanked back to close just slightly above day low.
Key intraday resistance and will be line-in-the-sand for Thursday is now at 6850
-- Trading below 6850 implies the current downswing that started on the 8th of November, is still in progress, next target is lower low below Wednesday low
-- If NQ managed to break above 6850 on Thursday, short-covering could catapult NQ up to the next resistance at 6980
