On Wednesday NQ opened above 20-ma on the 5-minute chart, and then quickly rallied triggering massive short-covering activities rocketing NQ up to key resistance zone between 11,480-11,550 zone, before selling came back in to sell.
The pattern is clearly a distribution pattern, as such we should continue to see wild swings until distribution is complete and then selling overwhelm buying completely.
On Thursday 11,340 will be key line-in-the-sand for NQ. Above 11,340 we could see NQ rallying back up to test the 11,480-11,550 resistance zone.
Below 11,340 we could see NQ dropping down to support at 11,150-11,200
