NQ traded sideways in a narrow trading range on Wednesday, trading below key resistance, the 200-day moving average on the daily chart now at 7100.
Whether or not NQ is going to pullback down for one or two days before attempting to rally back up to the 200-dma will depends on where NQ trades on Thursday.
Key intraday price level for NQ on Thursday will be at 7000.
-- If NQ remains above 7000 price level on Thursday we could see another sideways consolidation day or a rally day.
-- Trading below 7000 could trigger intraday selling, with downside target at 6900.
NQ daily chart remains in an up trending mode, but profit-taking below the 200-dma resistance is strong enough to keep NQ from continuing upward on Wednesday.
