NQ traded sideways on Wednesday and it remains choppy sideways after the release of the FOMC policy statement.
NQ has been trading inside a wide trading range between 11,550 support and 12,000 for one and a half month and should be ready to move out of the range soon. When it does, look for a sustained move, up or down.
NQ rally from the October low has been extremely choppy and looking like a very clear bear flag on the daily chart. In order to confirm it is a bear flag we need to see NQ break below its 50-dma and stay below it. If that happens we should see a fast move down to lower low below the October swing low
Key intraday support for NQ on Thursday will be at 11,720
