Again, NQ trade sideway on Wednesday, and is likely to continue to trade sideways as long as it remain above the 20-dma on the daily chart.
On Wednesday NQ dropped down to the daily chart 20-dma and bounced sharply from it, closing just below resistance, 7355, setting up a rally above 7355 resistance or a break-back down to re-test the 20-dma support, 7270
On Wednesday if NQ can trade back above 7355 it could trigger some short-covering spike. But failure to break back above 7355 could attract selling, with support again at 7270, the 20-dma on the daily chart.
