Another choppy very narrow range day for NQ on Thursday. Without any new buyers and without any more shorts left to cover, the only buyer left is the Fed HFT trading machine hard at work to make sure the market does not sell-off while the Fed meets in Jackson Hole.
Last week Friday the market had a very large sell-off in the morning followed by afternoon rally that continued all week this week.
We could see the same pattern repeated tomorrow Friday, sell-off in the morning followed by a rally.
Key inflection price for Friday is 4040
-- Continued choppy small range rally above 4040.
-- Sell-off below 4040, first support is 4020, then 4000.
