A breakout day for NQ on Wednesday with NQ opening with a gap-up above prior day high. Profit-taking soon after the open failed to tank NQ lower. Those who went short were forced to cover as NQ rallied higher all day.
NQ closed at the high of the day. With such a large up day on Wednesday it is likely that NQ would need to consolidate the hug rally and spend Thursday trading sideways.
However, with the Fed currently at their annual meeting in Jackson hole, any unexpected statement could change the market pattern in an instant.
Key line-in-the-sand for NQ on Thursday will be at 11,900
-- Bullish above, with upside target is a break above Wednesday swing high.
-- Bearish below it with lower target at 11,800
