A very choppy sideways market action on Wednesday as market participants were fairy balance between the bulls and the bears.
Technical pattern is showing bullish configuration. Overnight NQ has rallied over 300 points. If the rally can stay up as the market opens on Thursday we can see massive opening gap-up and has the potential to trigger massive short-covering rally.
If so, we can see NQ rallying 600 to 700 points from the close on Wednesday, upside target to over 20,000 on the September contract.
Key support is 19,650, bullish above, bearish below it.
