After breaking back above the 200-ma on the 5-minute chart on Tuesday, NQ opened above the 200-ma on Wednesday, indicating a bullish day.
Then, after dropping back down to retest the 200-ma on several occasions, NQ then rallied all day in a slow choppy pattern, simply because the rally that started on December 24th 2018 is simply running out of steam, and in overbought territory on the daily chart, may be ready to go into a sharp decline.
Key intraday support on Wednesday will be 7140
-- Bullish above 7140, but overbought conditions on the daily could keep NQ in a choppy rally mode.
-- Trading below 7140 is going to be bearish but first support is 7100. with crucial support at 7050. A break below 7050 could trigger a waterfall decline.,
