There was not much buying in the market in response to the ECB and China's interest rate cut. It probably need a massive quantitative easing to produce a major rally. Quantitative easing or not, the crisis  in Europe and the US should continue to get worse and there is absolutely nothing the Fed or the ECB can do at this stage of the game to avert the catastrophe. 

For Friday, key level for NQ is 2650

• Above 2550 implies NQ is on it next upleg, targeting a break above Thursday's swing high.
• Below 2550 implies it is going into a consolidation/pullback mode, first target down is 2635, then 2620.

Interest rate cut