As expected, following a large trending up day on Monday, NQ traded sideways in a consolidation pattern on Tuesday.
NQ closed in a bullish zone for Wednesday, however, it may not be ready to trend again, As long as it stay above key intraday support at 12,820, we could see either another day of consolidation or a trend up day on Wednesday.
Again key intraday line-in-the-sand for NQ on Wednesday will be 12,820. Above 12,820 the buyers are still in control, bullish bias. However, should NQ break below 12,820 we could see sharp selling period as trailing stop-loss for the buyers get run-over.
