On Tuesday NQ opened below key support. As such, triggered massive selling activities dropping NQ down to key very strong support , the 50-ma on the daily chart, from where it bounced .
Tuesday was the 2nd pullback down day for NQ. Whether or not NQ needs one more pullback down day before rallying depends on how strong a rally, if any, on Wednesday
The pattern looks set for a rally to intraday resistance, the 200-ma on the 5-minute chart on Wednesday. A break will set up further rally, failure to break is likely to send NQ back down to retest Tuesday's low.
Key intraday Lin-In-The-Sand for NQ on Wednesday will be at 8450
-- Bullish above it, with the next resistance at the 200-ma on the 5-minute chart, now at 8640 as of Tuesday's closing price.
-- Bearish below 8450, supports are at 8250-8300. It would requires a very bearish market conditions to break below those very strong support zone.
