On Tuesday, NQ opened with a huge gap-up above key resistance, the 50-dma on the daily chart, triggered massive short-covering all day to close near the high of the day.
Going forward, as long as NQ remains above its 50-dma on the daily chart, now at 8410 price level, the upside target for this rally is above February high, above 9700.
The upside target will remain valid as long as price remains above the 50-dma.
On the intraday timeframe, the 5-minute chart, key support on Wednesday will be at 8610-8620.
-- Rally will continue on Wednesday as long as NQ does not trade much below 8610. Next resistance will be at double-top at 9000.
-- Trading below 8610 implies consolidation pr pullback down to lower level, next support is 8410 and the 200-ma on the 5-minute chart.
