After six consecutive rally days NQ posted the first pullback day on Wednesday. With NQ not able to breakout above key resistance of 14,700 after opening gap-down and then retesting 14,700 and failed to breakout, NQ then came back down and close below the opening price.
With the current uptrend being so strong, the pullback could be short-lived and it could be anywhere between one to three days. Will NQ resume it rally on Thursday after only one pullback down day, only time will tell, we just have to watch where NQ trades in relation to its key breakout price level.
To breakout to the upside NQ would need to break above 14,700 and then stay above it to trigger more short-covering rally. If so the next upside target is at 15,000
Key support is at 14,460. A break below it on Thursday could bring in a lot of sellers. If so, the next support is at 14,230 and 14,130
