On Thursday, massive buy programs by the Fed during overnight trading led to a huge gap-up open, then relentless buy programs that continued all day on Thursday produced another large up-day for all major stock market indices, a second up day in a row.
On NQ there is still some room for an upside move, with the close at 4266 but the next major resistance is not until 4300, on Friday it may need to push into 4300 before pulling back and consolidates.
Key price level for NQ on Friday is going to be 4250
-- Above 4250 is an indication NQ is still in a fast mode up, next resistance is 4300. A clear and sustained break above 4300 could cause another large upday on Friday. Failure to break above 4300 could result in a pullback down move, a consolidation.
-- Below 4250 implies NQ may go into a pullback mode. It needs a clear break below 4210 in order to potentially trigger algo sell programs, next support is 4170.
