A large gap-up opening and trend-up day for NQ on Thursday, with the day high just below strong resistance zone 19,700-19,900 prior swing low on the daily chart, now acting as resistance. It is also the 50-day moving average.
As such NQ may has to pullback down for a couple of days before breaking through the resistance zone to re-test the previous swing high, 20,950.
The zone between 19,700-19,900 is also where NQ would typically drop back down to re-test the recent low, 17,975. As such, the zone is key inflection price level, where NQ could move over 1,000 points upward or downward.
On the intraday basis, we could expect a sideways consolidation pattern on Friday, with inflection price level at 19,565, bullish above, bearish below it.
