NQ traded sideways on Wednesday the day after a huge down day on Tuesday. Usually following a huge down day like Tuesday the market usually need more than one consolidation day. As such NQ may still need another day to consolidate such a huge down day on Tuesday.
As long as NQ does break and then stay below 12,000 NQ should continue to trade sideways in a consolation pattern with first support at 12,100 and second support at 12,000, and its first resistance at 12,250 and second resistance at 12,350
However, a clear and sustained break below 12,000 would have the power to tank the market (NQ) very hard.
