On Thursday, as expected, with the opening price action above 2870 key equilibrium level, NQ rallied immediately, fueled by short-covering, and it trend up all day on Thursday, with the usual end of day profit-taking decline. Whether or not the end of day decline will continue on Friday will depends on where it trades in relation to its equilibrium level.
For Friday key level to watch is 2905.
-- More bullishness above with more short-covering rally above 2905.
-- Below 2905 implies pullback decline is going to continue, with first support at 2894.50 area (FT Pivot). Below that the next support level is 2883 area.
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