American's intense desire to trigger a major war with Russia in order to at least delay the inevitable collapse of the US dollar, is triggering a massive selloff in the Euro currency - rally in the US$ (US$ index has a 60% of its component in weight in the Euro Currency), simply because the Eurozone is very vulnerable to Russian retaliation be it economic sanction or military retailation, and sanctions or war with Russia will be very devastating economically to the European, hence very bearish for the global stock market in general.
With investors currently so highly leverage, a sustained selloff in the stock market could cause a massive stock market collapse (crash) that is even much bigger that the 2008 collapse, even the Federal reserve would not be able to control. It will be devastating, and selloff could be both in the stock amrket and the bond market simultaneously.
On Thursday, NQ clearly broke below key support 3920, whetner or not Friday will be a follow-through down day or a pullback up day on profit-taking, only time will tell and it would also depends on where it trades in relation ot key price level.
Key price leven for NQ on Friday is 3910.
-- Trading above 3910 could trigger short-covering rally as trailing stops get runover, resistance is at 3930 - 3950
-- Selling pressure to continue below 3910, next support is at 3860, 3830
