As the conflict in Ukraine continue to intensify, particularly in anticipation of the Sunday referendum in Crimea, many investors and traders took profit on Thursday sending the market sharply lower across the board.
As long as the shorts does not cover going into the weekend the selloff should continue on Friday. However, if shorts decides to cover we can see a short-covering rally on Friday.
Key price level to watch for on Friday is 3655 for NQ June contract, and 1846 for ES June contract.
-- More selling below key price level with the next NQ support at 3620, 3600 and 3580, for ES supports are 1832 and 1824
-- Short--covering above key price level, with NQ next resistance at 3680, and 1856 and 1862 for ES June contract.
