Another choppy up-day for NQ and also the overall equity market on Wednesday, with NQ ending up as a doji on the daily candle chart, with the high of the day just below the record high from February.
NQ may pullback and consolidate before break above the February high, or break above it right away. A consolidation below the high before a break could cause a massive spike on a break as algos exit and reverse long in mass.
A break above February swing high without first a consolidation below the February high, could cause a false-breakout which then would lead to a fast reversal down.. Either way NQ goes, we could see some big moves coming up soon.
Intraday inflection price level for NQ on Thursday will be at 9685.
-- Resistance is at February high
-- Support is at 9610
On a break above February swing high, this illustrations will provide a great guide on how to trade potential false-breakout, swing high labeled a is February swing high.
