A large down-trending day for NQ on Wednesday after two days of consolidation, it started with a huge gap-down open below key 50-DMA on the daily chart.
With such a large down day and breaking important technical support such as the 50-DMA on the daily chart, we could see another large down day on Thursday as those on the long side of the market get liquidated if they are not able to meet margin call.
If so, NQ would continue to trade below Wednesday low, with the next strong technical support at 18,775-18,950 prior swing high.
If NQ can stay above Wednesday low we can expect a sideways consolidation price action before it trend down again.
