Wednesday trading ended with a strong sell-off into the close, with NQ closing just above key support level (2300). The bearish closing momentum should continue on Thursday as long as pullback up stays below 2340.
- If 2300 support clearly breaks, the next support below it is 2280.
- It would need a strong momentum move down to break through 2280
European debt crisis should continue to intensify, with most major banks on the verge of collapse, and it seems that no-one country in Europe is in a position to bail out their banks this time around. Banking collapse could trigger massive credit crunch that would lead to massive stock market sell-off unless central banks are prepared to print as much money as required.
