Following a huge down-day for NQ on Tuesday NQ traded sideways in a narrow trading range on Wednesday, setting up for another large down day.
Whther or not NQ will trend down on Thursday will depends on whether or nopt consolidation has ended. Once consolidation has ended it will trend back down again with a huge down day.
Key price level to watch for on Thursday will be at 11,550, Bullish above and bearish below it.
If NQ should trade below 11,550 on Thursday and if it could remains below that level, we could see a huge down day, with the next support level at 11,060, double-bottom with June 16th swing low, and NQ have have to break below it before consolidating sideways again.
Also watch out for a falsebreak below 11,550 that could be followed by fast and large intraday reversal-up move.
