NQ opened above key inflection price level, in the bullish zone on Wednesday, thus keeping short seller at bay, forcing intraday shorts to cover, triggering a rally albeit a choppy narrow-range rally day.
On the longer term daily timeframe, NQ is still trading in a choppy price zone between 7500 and 7800, a 300-points trading zone on the daily chart. Until NQ can breakout of the 7300-7500 price zone, the choppy price action should continue for a little bit longer.
Key intraday price level for Thursday will be 7720.
-- If NQ can break back above 7720 and then stay above 7720 we could see another choppy rally day, next resistance is again at 7800.
-- Staying below 7720 is bearish but NQ would need to drop below 7650 to trigger heavy selling. If so, the next support is at 7600 then 7550.
