On Wednesday NQ opened with a gap-up above prior swing high, March 21 high, triggering short-covering rally that lasted the whole morning.
Without new buyers, once short-covering has ended, heavy profit-taking selling drop NQ sharply down to support before a small end of day profit-taking (buying) bounce near the close.
Going forward, and on Thursday, key support is March 21 swing high, 7536.
-- As long as NQ remains above 7536, selling will be limited to mostly profit-taking activities As such NQ either rally or simply trade sideways
-- A Break-back below 7536 is bearish and could cause liquidation selling as trailing stop-loss get run-over.
