On Wednesday NQ opened with a large gap-up which cuase the shorts to cover. A slow choppy rally that lasted all day into the close. That was a consolidation day following 2 large down days.
Consolidation sets up a large trending move, which could happen tomorrow on Thursday, the direction of the trending move will depend on where NQ trades in relation to Wednesday swing high and swing low.
The breakout of Wednesday range needs to be sustained, because a breakout that get reversed will trigger sharp reversal move.
Key support is Wednesday low, key resistance is Wednesday high, and there is no obvious direction.
