After a brief rally in the morning from short-covering activities after a huge gap-up open NQ tanked down to support before trading sideways into the close.
Price action in NQ is bearish, with sellers jumping in to sell even before NQ rally up to crucial resistance level, 13,000.
NQ remained stuck between 13,000 resistance and 12,400 support for the last six days, and may be ready to breakout, up, or down. It would continue to trade sideways as long as it remains inside the 12,400 - 13,000 trading range.
However, a clear and sustained break out of the 12,400-13,000 trading range is likely to cause a large trending move out of the range, uptrend above 13,000, and downtrend below 12,400.
