NQ traded sideways on Wednesday with a small selling after the released of hawkish Fed minutes from the last meeting, indicating a likely rate hike instead of a rate cut.
However, irrational exuberance after NVDIA earning report has pushed NQ almost 200-point higher in overnight globex trading, which may or may not continue after the open on Thursday.
If the shorts decides to cover and reverse long on Thursday that would imply a trending-UP day, we could see NQ rallying at least to 19,000 price level. The upside target before a large pullback is still at 19,400-19,500. Whether or not NQ will get there on Thursday is hard to say.
With the rest of the market not participating in the overnight rally, wwith Bitcoin and Gold both down overnight, we could see a gap-up reversal.
Key price level to watch after the open will be the opening price, bullish above it, bearish below it.
