The market tank hard in the morning on Thursday before finding support, then spent the rest of the day consolidating the big down move.
NQ opened below key inflection price level, then tank hard, down to second layer of support. Unless the market can mount a substantial rally, the summer sell-off may have just begun
Key price level for Friday is 3560 for NQ and 1870 for ES.
-- Trading below key price level is bearish, but would remain in a choppy mode until it can break below Thursday swing low.
-- A clear break below Thuresday low is likely to trigger another round of liquidation decline. Lower support for NQ is 3480-3500. In the event that 3480 is broken, NQ should quickly crash down to 3400
-- Trading above 3560 implies NQ is still in a pullback-up mode, next resistance is at 3583, then 3600
