NQ traded sideways on Tuesday, in a very narrow range trading pattern. However, a narrow range day is often a setup for a large range day.
Key price level to watch for on Wednesday will be at 12,880, bullish above and bearish below it.
In order to trend out of the range, NQ would need to break above 13,000 and trigger short-covering to propel NQ upwards, with first resistance at 13,200 then 13,300
Key support to break to the downside is 12,700, and it needs to have a sustained break below 12,700 to trigger a trending move down.
