A small choppy rally day for NQ on Wednesday. The rally is now bumping into strong resistance zone between 8900 to 9100.
Resistance comes from prior swing low from January 27th and January 31st pullback low now resistance, then of course 9100 resistance is the 50-day moving average on the daily chart.
Failure to clearly break back above those strong resistances in the next few days is going to bring back another round of algos selling that can crash NQ back down to its 200-dma moving average support on the daily chart.
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Many trailing stop-loss for the buyers is now just below Wednesday swing low. A clear break below Wednesday swing low is an indication the current bounce has ended, and a retest of the recent low is very likely the next target for the market.
