Following a bigger than expected QE amount announcement by the ECB on Thursday, the stock market opened with a large gap-up, but was immediately followed by a sharp sell-off for the stock market soon after the open, down to key support 4160 for NQ.
Central banks came into the market with massive buy programs that lasted all day and sent NQ up over 100 points from the early morning low.
The next resistance for NQ is 4280. Failure to get a sustained break above 4280 could result in a pullback-down movement for NQ, with supports at 4235 and 4220.
As long as any NQ decline can stay above 4220 the uptrend should continue, next resistance is 4280.
Breaking below 4220 is an indication NQ is going into a larger pullback mode.
