As expected, following a narrow-range day on Tuesday,NQ opened above breakout level, thus triggered massive short-covering that lasted most of the day on Wednesday, as resulted in a large uptrending day on Wednesday.
With the stock amrket close for Good Friday holiday on Friday Thursday could be a sideways narrow range day, trading inside a narrow range of about 100 points.
Having said that, we should always watch out for the unexpected. For example, if NQ should trade above the 50-day moving average then abobr triple top, we could still get massive short-covering that can last all day. The probability of that happening is low.
Key line-in-the-sand for NQ on Thursday will be at 13,060 as key support, and key resistance at 13,160-13,180.
