NQ opened above key intraday balance price zone on Tuesday, which triggered buying activities right at the open. However, with the daily timeframe in sell mode intraday buyers were quickly overwhelmed by selling.
After a brief spike soon after the open NQ trend down all day, closing at the day low, setting up a follow-through down day on Wednesday.
Downside target on the daily timeframe is still about 7050, but key support on the daily chart, the 200-day moving average which should generates a lot of buying activities is now at 7200, a price level that may cause some bounce, and worth watching.
Key intraday inflection price level for Wednesday is again at 7320, bullish above, bearish below.
