Another rally day in the market on Wednesday, the shorts continued to cover, NQ is now approaching its upside target. As long as NQ continue to trade above 9340 the rally should continue without any large pullbacks.
Key intraday inflection price level for NQ on Thursday will be 9460, bullish bias above it, bearish bias below it.
-- If NQ trades above 9460 after the open tomorrow it is an indication NQ is going to continue to rally to another higher high above Wednesday's swing high, reasonable upside target at 9600.
-- Trading below 9460 is an indication NQ is going to trade down to support, a strong support at the 200-ma on the 5-minute chart, 9400 as of the close on Wednesday before rallying back up again. Should NQ drops lower, key support is at 9340. The market needs to be very bearish to break below 9340.
