As mentioned in my blog yesterday NQ is in a bullish technical pattern on the daily chart. Then on Tuesday NQ opened with a huge gap-down to support, 11,400, but was not able to tanked below support, as a result the shorts covered which sent NQ rocketing up all day.
At the end of the dau on Tuesday NQ was hitting resistance and in overbought price zone on the 5-minute time frame. As such it should not surprise us to see some p[pullbacks before rallying back up again.
The next key resistance for NQ will be at 12,000 ares. If NQ could not break above 12,000 we could see heavy selling coming in again.
A sustained break above 12,000 implies NQ is likely to rally up to 12,500 and then 13,000.
Key intraday support for NQ is at 12,580
