It was a choppy decline to lower low for NQ for most of the day on Wednesday as it slowly dropped down to just below 17,400 support zone before it started to bounce.
Near the end of the trading session, and ahead of the NVDA earning release after the market closed, profit-taking and buying caused NQ to shoot up into the close.
After the released of NVDA earning NQ opened the overnight trading session with a huge gap-up of over 250 points to above 17,760 key resistance level. If it should stay up and opened above 17,760 morning, now key inflection price level for NQ on Thursday we should see massive panic short-covering that should propel NQ upwards to 18,000 resistance level.
As long as NQ stays above 17,760 we should see NQ stay trending up all day. If so, the 50-ma on the 5-minute chart will then become key trend indicator (support)
