Following a large up-trending breakout day on Tuesday NQ needed to consolidate the gain on Wednesday. NQ should resume the rally on Thursday with the next upside reasonable upside target at 7900 and up to 7950 if the market gets very bullish.
Key intraday inflection price level is at 7820.
-- Bullish above, next upside target at 7900-7950. Overnight, NQ is already trading above Wednesday high, an indication NQ may open with a huge gap up.
-- Though not expected, trading below 7820 would be bearish, with first support at 7800.
NQ is bullish on the daily chart, bullish on the 60-minute chart, and bullish on the 5-min chart.
