On Thursday, with crude oil continuing it fast decline breaking below $60 in the morning, triggering global credit contraction, although buying binge by the Fed algo buyers in the morning managed to rocketed NQ up over 55 points from the opening low, to re-test Wednesday's swing high before selling pressure overwhelmed the buyers, causing NQ to dropped back down to just below morning low, essentially wiping out all the morning gain.
As long as Crude oil continues its descend the market will continue to be under severe pressure as global credit would continue to contract with declining oil prices, if so, be on a lookout for a stock market "Crash"
Key price level for NQ on Friday will be 4220
-- A break below 4220 could trigger algo sell programs, next support is at 4175 but strong selling pressure could easily drive NQ down to 4100.
-- If NQ is able to stay above 4220 support it could either rally back up again or simply trade sideways.
