On Wednesday NQ again traded sideways but with a range expansion and a bearish close. At the end of the day on Wednesday, both the daily chart and the 60-minute chart looks bearish, and ready for a big drop, which could happen tomorrow, Thursday.
With NQ closing in oversold on the 5-minute timeframe, we could first see a bounce at the open on Thursday. If the bounce does not break above the line-in-the-sand 11,940, NQ should then tank and trend down all day on Thursday, supports at 11,600-11,700
Trading back above 11,940 implies rally up to 12,000
