NQ again traded sideways in a narrow trading range again on Wednesday, with NQ closing down at the low of the day, setting up for a potential bearish day on Thursday.
Key price level for NQ on Thursday will be 7110 support and 7140 resistance.
-- The next strong support below 7110 is 7050, the 20-ma on the daily chart. If NQ should trade below 7110 it could quickly tank down to 7050 before bouncing. If the market do get very bearish and NQ breaks below 7050 we could see a fast and large liquidation decline.
-- If NQ should trade back above 7140, the next upside target is a break above Wednesday swing high.
