As expected, following a large trending down day on Tuesday, NQ consolidated sideways on Wednesday, setting up a large trending day, likely on Thursday, either up or down.
With the low on Tuesday sitting at prior swing high support on the daily chart, we could see NQ rallying back up to retest the recent swing high.
However, should prior swing high support gets broken, there is another crucial support for NQ coming in at 7567 area, the 50-day moving average on the daily chart. Should 7567 gets violated, we could see a cascade of selling to tank NQ much lower.
Key intraday price level for NQ on Thursday will be 7670.
-- Bullish above, with key resistance at the 200-ma on the 5-min chart.
-- Bearish below, with key support at 7567
G20 will meet in Japan this weekend, may be important for some people, but they will not be able to save the world economy, which is already in recrssion.
