A large gap-down and trend down day for NQ on Wednesday. NQ was down over 600-points from prior day close.
Thursday is likely a consolidation type of day. However, with such large down day on Wednesday, many traders caught on the wrong side of the current move may be forced to top-up their margin or get liquidated by their brokers. As such we could see another large trending down day on Thursday.
The next lower support is 19,700, double-bottom & the 50-dma on the daily chart. We could see a bounce from it but the market could easily slice through it to the downside.
Ket intraday price level for NQ on Thursday will be at 20,000, bullish above, and bearish below it.
