A down day for NQ on Thursday. The low of the day was just slightly below its recent low, Tuesday low, thus establishing a continuation of a bearish trend.
Friday could be tricky, as anything is possible. The market could rally on profit-taking ahead of the weekend, the market could simply trade sideways, or the market could tank if NQ breaks below Thursday low and trigger another rounds of liquidation.
Key intraday inflection price level for NQ is at Thursday swing lw.
A sustained break could tank NQ down to its next support level, 18,500-18,700.
If NQ remains above Thursday swing hyigh we could see either a sideways trading pattern or a rally as the shorts take profit.
