Nasdaq trended down in the morning and then reversed from down to up at 12:30 pm, closing exactly at key resistance 2950.
2950 will serve as key support/resistance level on Friday.
-- Short-covering should continue above 2950 with the next resistance at 3000-3005.
-- Failure to stay above 2950 implies NQ is going into a pullback down move, with first support at 2930-2935. If 2930-2935 support holds, I will be looking for NQ to go into another uptrend. A clear and sustained break below 2930 implies it is going down to re-test Thursday's swing low.
