Tuesday high was at key 50-day moving average on the daily chart, a key line-in-the-sand buy/sell price level for longer-term traders. As such, with the open below 50-dma on Wednesday sellers came to sell immediately.
NQ sold off all day from open to close, and with the close near the day low, setting up a bearish day for Thursday.
Key support for NQ on Thursday will be at 10,850.
-- Below 10,850 NQ is in free-fall
-- NQ will go into a pullback consolidation mode above 10,850, with key resistance at the 200-ma on the 5-minute chart.
