A large down day for NQ on Wednesday following a very narrow range consolidation day on Tuesday.
At the end of the day on Wednesday NQ was in oversold condition on both the short-term intraday timeframe and the daily timeframe, which could cause a 2 to 3 days bounce before going back down to the next major support at 17,370 - 17,400. As such, we need to watch for the possibility of a multiday bounce..
However, even with an oversold condition the market can still continue to get more oversold without a bounce because of the heavy selling pressure.
On the intraday basis, key inflection price level for NQ on Thursday will be at 17,700, bullish above, with first resistance at 17,850, and bearish below it with the next lower support at 17,620, then 17,400
