On Wednesday the downtrend finally reversed back up in a convincing fashion. NQ again broke down below its key 20-dma support for the third day in a row on Wednesday morning but failed to trigger sell programs. The shorts eventually cover, causing NQ to reverse back up.
As long as NQ does not drop back down below 15,400 price level, NQ will have a bullish bias. However, trading back below 15,400 is bearish.
Key line-in-the-sand for NQ on Thursday will be at 15,520-15,560 resistance. NQ would need to break above 15,560 to continue the rally.
