Instead of trending-up following a consolidation day on Tuesday, NQ pullback down on Thursday. It was a bearish reversal day..
On the daily chart, NQ was in very deep overbought condition and likely beginning a 3-day pullback down before rallying back up again to higher high, with potential upside target at 20,500 to 21,000 before beginning a large multi-month downtrend in summer, likely from July to October.
On the intraday timeframe. key inflection price level is at 20,125. If NQ is not able to clearly break above that level we could see another down day on Friday, with key support at 19,900 zone.
Trading back above 20,125 is bullish, and NQ could go back up to retest the recent high 20,270.
