NQ trend on the daily chart remains down, as such rallies continued to get sold. NQ daily trend will stay down below 12,200.
12,000-12,050 price zone continues to provide support as NQ continue to trade sideways above it for the last six days in a row. With the bounce from such strong support so muted it is likely that support is going to break soon.
If so, the next support zone is between 11,620 to 11,750, and it is a strong support zone and is likely to cause a 3 to 4 days of bounce.
If on the other hand NQ sliced through it we could see very large 300-400 points consecutive down days as those buyers who bought 12,000-12,300 support zone gets run-over and exit their long positions.
The 5-minute intraday inflection price level for NQ on Wednesday will be at 12,050.
