On Wednesday NQ traded sideways, consolidating the large down-trending move on Tuesday, working out the oversold conditions. Once consolidation has ended it should be followed by another large down-trending day, and Thursday may be the day the market trend down again.
Key price level for NQ on Thursday will be 7680, now acting as key resistance.
-- Trading back above 7680 implies NQ is still in consolidation mode.
-- Trading below Tuesday low of 7580 is an indication NQ is trending down again. If so, strong supports are at 7536 prior swing high and 7500. However, heavy selling could crash NQ down below 7500 support, at least temporarily.
The Fed will be active buyers of the market on Thursday. N has started selling-off in overnight trading Wednesday night.
