NQ opened with a large gap-up on Wednesday and then triggered short-covering that lasted all day into the close.
With such a large up-move, we could see NQ having to consolidate the large up-move on Thursday. If so we could see sideways action between 11,060-11,080 support and 11,200 resistance.
With most stop-losses for buyers now sitting just below Wednesday swing low of 10,960,, NQ would need to break back below 10,960 to turn bearish again.
As long as NQ continues to trade above 10,960 we could see NQ trading either sideways or continue to trend up if short-sellers continue to cover
