NQ opened with a large gap-down. After initially falling down about 30 points or so from the open, it spent the rest of the day consolidating inside a trading range.
For Friday, if NQ stays inside Thursday's trading range, it is going to continue to trades sideways. A sustained break out of the range however could cause a trending move in the direction of the break.
When You Get This Many Hindenburg Omens, The Stock Market Is Supposed To Crash
Art Cashin, Director of UBS NYSE Floor Operations, warns that this obviously isn't a sure thing.
"The viewers should be alert to it, but they shouldn't be panicked," said Cashin in an interview with CNBC on Tuesday. "It is a signal that says there may have a serious sell-off not they must have a serious sell-off."
