Less than perfect earning reports by Microsoft and Google at the end of the day on Thursday caused strong sell-off into the close.
Whether or not the selling momentum into the close would carry over into the opening bell on Friday will depend on how much capital the Fed will allocate for buy programs on Friday. Without a significant amount the buy programs may get overrun by selling pressure.
Key level for Friday is 3050.
-- Above 3050 implies the rally should continue, with first resistance at 3075. Breaking back above 3075 could trigger some short-covering rally as the short covers.
-- More selling to come below 3050, with next support at 3000
