On Tuesday NQ opened and then immediately rallied that lasted for a couple of hours pushing up against 14,700 resistance level before stalling and then traded sideways for the rest of the day.
On Wednesday the key price level to watch for will be at 14,700, which is Tuesday swing high, and should serve as a key price level to watch for on Wednesday.
It is difficult to say whether or not NQ intraday consolidation has ended on Tuesday. If it has not ended, we could see a pullback in the morning followed by a trending up move again on Wednesday.
Fist support on the consolidation is at 14,570, then the breakout level at 14,450. It should then be followed by a rally, with the next upside target at 15,000. NQ could easily rally up to 15,000 on Wednesday as the shorts continue to be forced to cover.
If on the other hand NQ does not need any more consolidation we could then see NQ rallying up into the next resistance at 15,000. If so NQ should trade above 14,700.
