After three pullback rally days NQ resumed its downtrend on day 4. NQ sold off very hard.on Wednesday.
Following a large down day on Wednesday we could see NQ trading sideways on Thursday consolidating the large trending down day. To do so NQ would need to stay above Wednesday low. If so, NQ first resistance is 11,980, 12,125 and 12,226.
Trading below Wednesday low could cause NQ to trend down for the second day in a row, with key support at 11,700 double-bottom support..
A break below 11,700 is very bearish.
