NQ found temporary support at yesterday low as NQ on Thursday consolidated between 3700 support and 3800 resistance all day.
Whether or not NQ will continue to consolidate inside the range on Friday, only time will tell, but a breakdown below 3700 support on Friday is an indication NQ is in a "crash" mode. The market, after having been manipulated by the Fed for so long, is very illiquid, without enough buyers to absorb sell orders, the market is susceptible to crashing.
Key price level for NQ on Friday is 3700 support and 3800 resistance.
-- Staying inside the range implies NQ is in consolidation mode before the downtrend resumes.
-- A sustained break below 3700 is very bearish, as it could ignite another round of algo selling and forced margin liquidation.
-- If NQ can mount a sustained break above 3800, it could trigger some short-covering rally as some traders may take profit going into the weekend.
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