On Thursday NQ opened with a gap-down, then immediately rally back up to key inflection price level 4475. It failure to break above 4475 attracted overwhelming number of short-sellers, tanking NQ down to key support, 4437. After a brief sharp counter-trend bounce NQ resumed it downtrend easily broke below key support 4437, down to lower support levels.
On Friday NQ either trades sideways consolidating the big Thursday sell-off, or resumes Thursday selling, as the longs, now caught in a recent false breakout of the high, panic and exit in mass, unless the Fed buyers would come into the market and buy aggressively.
NQ will remain under pressure as long as it trades below 4475.
