Thursday was the 5th consecutive down-days for NQ, and it is now clearly in a "CRASH" mode, with the next target down at 2650.
Nasdaq decline so far is being slowed down by the S&P 500 holding above key support 1425 in S&P futures. A clear and sustained break below 1425 in S&P could trigger massive selling in all markets, including Nasdaq.
Key Level to watch for on Friday is 2720 in NQ and 1425 in ES.
-- Above 2720 in NQ implies likely ABC wave up rally, targeting 2745-47 resistance. If the market can get very bullish, a clear and sustained break above 2747 could trigger a short-covering rally up to 2765, then 2775 resistance.
-- Below 2720 implies the next big down-leg is in progress, with first support at 2703-2694. If ES can break and stay below 1425, NQ could liquidate down to 2650 or lower. 2650 is the next major support for NQ.
