After a sharp sell-off soon after the open on Thursday large buy programs likely triggered by the Fed buyer reversed the market from down to up in a V-shape reversal that caught short sellers by surprise, without a re-test to get out, the shorts panicked and covered, triggering a short-covering rally that lasted all day into the close.
Thursday day high is just below strong resistance zone at 4600, which should serve as the key price level for Friday.
-- If NQ can open with a gap above 4600 and stay above, or rally, break and stay above 4600, with or without a pullback, short-covering should continue, next resistance is at 4635.
-- NQ may need to go into a pullback mode below 4600, with first downside target at 4575
