On Thursday, massive algorithm buy programs were triggered ahead of Janet Yellin testimony before Joint Comittee, rocketing the market upward. However, sellers quickly came in with a vengence, tanking the market back down, erasing all the morning gains.
NQ is currently stuck inside a 100 point trading range, between 3500 support and 3600 resistance. Until it can clearly break out of the range, it may continue to swing back and forth between 3500 and 3600.
Inflection price level for NQ on Friday is 3545.
-- Bullish above, resistance are 3575-3580.
-- Bearish below, support is 3500. A clear break below 3500 could trigger massive algorithm sell programs, with the next support at 3480. Should 3480 breaks algo sell programs should quickly tank NQ down 3400.
