A pullback down day for NQ on Thursday, starting with a gap-up and then trend down all day with a small profit-taking rally at the end of the day.
NQ remains inside a trading range between 14,000 and 14,300. NQ day high was at key resistance, the 20-day moving average on the daily chart. NQ would need to mount a sustained break above 14,300 to trigger another round of short-covering.
A break below 14,000 could take NQ quickly down to the next lower support at 13,700.. A break below 13,700 could trigger a cascade of selling.
Intraday line-in-the-sand (inflection price zone) is at 14,125, bullish above, bearish below it.
